Warner Bros. Discovery (WBD) has become the center of a high-stakes acquisition battle after Paramount Global (PARA) made a hostile takeover offer, directly approaching shareholders with a $30-per-share all-cash proposal. This move comes just days after Warner Bros. finalized a strategic partnership with Netflix (NFLX).

Led by David Ellison, Paramount emphasized that its bid—valuing Warner’s entire equity at a premium—would deliver $18 billion more in cash proceeds to shareholders compared to Netflix’s $72 billion cash-and-stock deal ($27.75 per share) announced last Friday. Netflix’s agreement involved acquiring Warner’s film/TV production assets and HBO Max streaming platform through a business spin-off.

Ellison stated, “Our proposal offers superior value and a clearer, faster path to closing.”

Warner Bros. Discovery’s coveted assets—including HBO, the *Harry Potter* franchise, and DC Comics IP—are now at the heart of a potential public bidding war. Paramount’s unsolicited offer could disrupt Netflix’s plans, setting the stage for a fierce competition in reshaping Hollywood’s streaming landscape.