Paramount Global has launched a hostile, all-cash offer to buy Warner Bros. Discovery, proposing about $108 billion to acquire the company that owns HBO, Warner Bros. Studios and CNN. The proposal significantly surpasses last week’s $83 billion arrangement between Netflix and Warner, which reportedly would only combine Warner’s studio and streaming assets and spin off CNN and other cable channels.
Since taking control of Paramount this summer, Oracle co‑founder Larry Ellison and his son David Ellison have pushed the company toward a large-scale tie-up. Paramount — which includes CBS, Paramount Studios and the Paramount+ streamer — says combining with Warner would create a major content and distribution rival to Netflix and other well-funded streamers such as Amazon, Apple and Disney.
Paramount executives told investors and reporters they have made multiple unsolicited approaches to Warner this year. Company officials say they have submitted six proposals and accused Warner of failing to engage seriously with their offers. Warner Bros. Discovery did not comment on the latest bid.
Netflix co‑CEO Ted Sarandos, speaking to investors after Paramount’s announcement, said he expected a competing bid and remained confident that Netflix’s agreement to buy Warner’s studios and streaming business would close. The Netflix deal, if completed, would concentrate studios and streaming under the world’s largest streamer.
The Ellisons’ push carries political dimensions as well. Larry Ellison is a known donor and informal adviser to former President Trump, and David Ellison has already reshaped parts of CBS News since the takeover, hiring conservative figures and appointing Bari Weiss to oversee the news division. Those moves appear aimed at smoothing regulatory and political review by federal agencies that would scrutinize any major media merger.
Political support is far from assured. The Netflix‑Warner announcement drew criticism from senators on both sides of the aisle, and Trump offered only lukewarm or mixed public reactions; after Paramount’s bid, he attacked CBS News on Truth Social, criticizing the network’s new ownership.
Paramount frames the bid as a strategic response to an industry that rewards scale and deep content libraries. Acquiring Warner’s assets would dramatically expand Paramount’s programming catalog and distribution reach; by contrast, Netflix’s earlier proposal would consolidate Warner’s production and streaming operations into the largest global streamer.
Editor’s note: Warner Bros. Discovery is among NPR’s financial supporters.