Paramount launches $108.4 billion hostile takeover attempt of Warner Bros. to counter pending Netflix acquisition

Paramount Skydance has announced it is making a hostile $108.4 billion all-cash offer to acquire the entirety of Warner Bros. Discovery, bypassing the company's board and appealing directly to shareholders just days after news that streaming giant Netflix would purchase the company.

The details:

• Last week, it was announced that Netflix had successfully won an auction that would see it acquire Warner Bros. Discovery, including all of its gaming division, in a deal worth $82.7 billion USD. This would give the company ownership of several major IPs, including the likes of Harry Potter and the DC Universe, as well as studios such as Mortal Kombat developer NetherRealm and Batman: Arkham’s Rocksteady.
• However, entertainment conglomerate Paramount Skydance has announced it is proposing a rival bid in an attempt to stop the acquisition. According to the company’s press release, it is offering WB $18 billion more in cash, with stakeholder shares being valued at $30 a piece compared to Netflix’s $27.5.
• While Netflix has focused on buying out the streaming and gaming side of the business, Paramount has also proposed the acquisition of the remainder of WB, including sports and TV networks such as CNN, TBS, TNT, and The Food Network.
• Paramount states that despite six offers being sent to WB in the past, the company "never engaged meaningfully with these proposals," resulting in the entertainment giant directly contacting WB’s shareholders and board of directors with a “clearly superior” offer.