Paramount Tops Netflix with $74.4B All-Cash Bid for Warner Bros. Discovery

• Paramount Global launched a hostile all-cash offer for Warner Bros. Discovery (WBD), challenging Netflix's prior agreement to acquire WBD's assets.
• Paramount's bid values WBD at $74.4 billion ($30/share cash) for the entire company, while Netflix's deal is for WBD's studios and streaming, valued at $82.7 billion including debt ($27.75/share mix).
• Paramount bypassed the WBD board, appealing directly to shareholders, and launched a "StrongerHollywood" campaign.
• Netflix's deal, which excludes networks like CNN, faces potential regulatory scrutiny and is structured as a mix of cash and stock.
• Paramount's offer is open until January 8, 2026; shares of Paramount and WBD rose, while Netflix's stock dipped.

Why It Matters: A hostile bid for WBD could change your entertainment options and industry power.