Following Netflix’s $82.7 billion agreement to buy Warner Bros. Discovery, the film and TV industry has entered a new period of fierce competition. The deal has quickly drawn political attention as well, with U.S. President Donald Trump announcing just days ago that he plans to be involved in the decision-making process.
Now, Paramount Skydance has entered the race with a major counteroffer. The company has submitted a $108.4 billion bid for Warner Bros. Discovery, significantly higher than Netflix’s proposal. Paramount’s offer includes $30 per share in cash, backed by financing from Affinity Partners, an investment firm led by Jared Kushner, President Trump’s son-in-law, as well as several government-backed investment funds from the Middle East.
Adding another layer of intrigue, Larry Ellison, one of the world’s wealthiest individuals and a close friend of Donald Trump, is the father of David Ellison, who currently serves as chairman of Paramount. According to Paramount, its offer would deliver $18 billion more in cash to Warner Bros. Discovery shareholders than Netflix’s deal. The company has also pledged to release more than 30 films theatrically each year as part of its future strategy.
Despite the aggressive move from Paramount, Netflix co-CEOs Ted Sarandos and Gregory Peters remain confident that their agreement with Warner Bros. Discovery will move forward as planned.
“Today’s move was entirely expected,” Sarandos said. “We already have a deal in place, and we’re very pleased with it, for our shareholders and for consumers. We believe it’s a strong way to create and protect jobs in the entertainment industry, and we’re extremely confident we’ll see it through.”
