FACTBOX-By the numbers: How the Netflix, Paramount bids for Warner Bros stack up

ReutersJan 7, 2026 12:15 PM

Jan 7 (Reuters) - Warner Bros Discovery's board has unanimously turned down Paramount Skydance's latest attempt to acquire the studio, saying its revised $108.4 billion hostile bid amounted to a risky leveraged buyout that investors should reject.

In December, Oracle co-founder Larry Ellison offered to personally guarantee $40 billion to aid Paramount's efforts to win Warner Bros' assets.

Warner Bros WBD.O chose Netflix NFLX.O as its suitor last year, securing an $82.7 billion enterprise deal for its TV, film studios and streaming assets, while Paramount's bid includes all of Warner Bros' assets.

Here is how both the bids compare:

	Netflix	Paramount Skydance
Savings	$2 billion to $3 billion in annual savings	Combined business will execute more than $6 billion in cost synergies
Offer	$23.25 in cash and about $4.50 in per share stock	All cash tender-offer, $30.00 per share in cash
Premium	121.3% to Warner Bros Discovery's closing price on Sept. 10	139% to the undisturbed Warner Bros' stock price of $12.54 as of September 10
Closing	Between 12 months and 18 months	More than 12 months
CEOs	Co-CEOs Ted Sarandos and Greg Peters	David Ellison
Backers and financing	Debt funding of up to $59 billion via Wells Fargo, BNP Paribas, HSBC Bank, along with cash on hand and equity	Larry Ellison, RedBird to provide equity capital, debt funding of $54 billion from Bank of America, Citi and Apollo. Other financing partners include Saudi Arabia’s Public Investment Fund, Abu Dhabi-based L’imad Holding Company PJSC, Qatar Investment Authority and Affinity Partners
Value	Enterprise value of $82.7 billion, equity value of $72.0 billion	Enterprise value of $108.4 billion, equity value of $74.35 billion
Breakup fee	Netflix to pay $5.8 billion, Warner Bros to pay $2.8 billion	Paramount to pay $5.8 billion
Streaming subscribers	Over 300 million	79.1 million
U.S. President Donald Trump's comments	Trump said regarding the acquisition: "Netflix is a great company. They’ve done a phenomenal job. Ted is a fantastic man… They have a very big market share and when they have Warner Bros., you know, that share goes up a lot so, I don't know."	Trump in a post on Truth Social criticized CBS and its new owners after Paramount was acquired by Skydance. He said that since the acquisition, the program 60 minutes has "actually gotten worse." In the past, however, Trump has praised Paramount Skydance CEO David Ellison, calling him "great".
Market cap	Valued at $414.2 billion as of closing price on January 6	Valued at $13.4 billion as of closing price on January 6
Assets on the line	Warner Bros' film and television studios, videogame IP and developers, HBO network and its content library, and the HBO Max streaming service	All of Warner Bros Discovery including film, television, streaming, gaming and cable television networks including HBO and CNN

Source: Company filings, LSEG data, media reports

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