Paramount Global and Skydance Media have escalated Hollywood’s fiercest takeover battle, launching a hostile $108 billion bid for Warner Bros. Discovery that aims to derail Netflix’s recent victory in acquiring key assets. Paramount CEO David Ellison declared the move “to finish what we started,” positioning the offer as superior to Netflix’s deal, which excludes Warner’s cable networks like CNN and TNT. The audacious play, valued at roughly $40 per share, seeks direct shareholder approval, bypassing Warner Bros. Discovery CEO David Zaslav’s board.

News of the bid broke Monday morning, sending Warner Bros. Discovery shares surging 15% in premarket trading to $32.45. Paramount’s proposal includes assuming $37 billion in debt, offering a mix of cash and stock that Ellison argues provides better value amid regulatory hurdles facing Netflix’s $72 billion pact for Warner’s film studios, HBO Max, and related units. Sources familiar with the matter say Paramount views its full-company acquisition as more likely to win antitrust clearance, preserving jobs and content libraries intact.

The Bid’s Aggressive Blueprint

Ellison, in an exclusive CNBC interview, emphasized Paramount’s willingness to go hostile after Warner Bros. Discovery spurned earlier overtures. “We’re prepared to take this to shareholders because we believe this is the best path forward for all stakeholders,” he said (CNBC). The bid comes weeks after Netflix emerged as the frontrunner, agreeing to pay $28 per share for Warner’s studios and streaming business, leaving cable assets like CNN in limbo—a deal Warner planned to announce by Christmas (CNBC).

Paramount’s strategy hinges on its earlier bids, including a September preparation to acquire the entire company, backed by tech billionaire Larry Ellison’s Oracle fortune. Reuters reported then that the Paramount-Skydance duo eyed a transformative merger uniting studios and streaming rivals (Reuters). Now, with Netflix’s deal inked, Paramount accuses Warner’s sale process of being “tainted,” per Variety, claiming it favors partial divestitures over holistic value creation.

Regulatory Shadows and Cable Assets

Antitrust scrutiny looms large. Paramount argues its bid sidesteps the market-concentration fears that could doom Netflix’s acquisition of Warner’s crown jewels—Harry Potter, Game of Thrones, and DC Comics—while absorbing CNN, whose Trump-era tensions add political layers. NBC News detailed Paramount’s launch of the hostile offer despite Netflix’s momentum, noting Ellison’s insistence on regulatory edge (NBC News). Warner’s cable networks, generating steady cash despite cord-cutting, represent the sticking point; Netflix has no interest, per sources.

David Zaslav, whose net worth swelled during the saga, faces a pivotal test. CNBC noted Paramount’s hunt for Warner Bros. Discovery enriched Zaslav, with his stake now pivotal amid bids (CNBC). Posts on X from industry watchers like Charles Gasparino highlighted Paramount-Skydance’s inside track earlier, tied to CNN’s baggage, fueling speculation of a boardroom revolt.

Netflix’s Foothold Under Fire

Netflix’s $72 billion coup, announced December 5, values Warner’s film and streaming at premium multiples but omits linear TV. BBC reported the deal hands Netflix franchises like Harry Potter, positioning it as Hollywood’s streaming colossus (BBC). Yet Paramount’s hostile maneuver, per Variety, valued at $108 billion total enterprise, could force renegotiation or poison pills from Warner’s defenses (Variety).

Legal salvos are imminent. Los Angeles Times chronicled how Larry Ellison’s bold Warner pursuit lost to Netflix, priming a courtroom battle over fiduciary duties and shareholder rights (Los Angeles Times). Paramount’s prior Skydance merger, approved after Trump appeasement per Senator Chris Van Hollen’s X post, underscores its deal-making tenacity.

Stakeholder Stakes and Market Ripples

Warner Bros. Discovery’s debt load—over $40 billion—complicates matters. Paramount’s offer pledges to honor it, contrasting Netflix’s asset carve-out that strands cable in a spinoff. CNN Business detailed Netflix’s Thursday bid at $28 per share for select units, igniting the war (CNN Business). Sovereign wealth funds from the Gulf backed Paramount earlier, per The Circuit on X, bolstering its war chest.

Shareholder votes could decide by early 2026. Warner aimed for sale or split by Christmas, but this twist delays timelines. Reuters confirmed Netflix’s exclusive talks pre-bid, underscoring the frenzy (Reuters). Ellison’s CNBC vow signals no retreat: “We have the support and the structure to close this deal.”

Hollywood’s Consolidation Endgame

For insiders, this saga reveals media’s brutal economics: streaming wars demand scale, yet regulators balk at monopolies. Paramount-Skydance’s full buyout promises synergies in content and distribution, from HBO to CBS, dwarfing Netflix’s partial grab. WSJ’s early scoop on the bid preparation set the stage, with Ellison family backing (Wall Street Journal—adapted from X reference).

As bids clash, Zaslav’s empire hangs in balance. Paramount’s hostile path, if successful, reshapes Tinseltown, merging rivals into a behemoth rivaling Disney. Failure invites endless litigation, per NYPost hints on X. The market’s premarket jump signals investor appetite for resolution amid uncertainty.