Bloomberg Tech Paramount Makes Hostile Bid for Warner Bros. Discovery
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Dec 9, 2025 
Brandon Katz, Director of Insights at Greenlight Analytics, and Rich Greenfield, Partner at LightShed Ventures, dive into the heated bidding war between Paramount and Warner Bros. Discovery. They explore how Paramount's $30 bid contrasts with Netflix's approach, shedding light on implications for consumers and competition in the streaming market. Rich discusses the necessity for consolidation within the industry, while Brandon analyzes the strategic value of legacy cable networks and the challenges ahead in post-COVID streaming.
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Two Very Different Bids Collide
- Paramount Skydance's $30 hostile bid challenges Netflix's $27.75 offer by targeting the entire Warner Bros. Discovery company rather than just streaming and studios.
- The bids differ structurally and raise complex valuation and regulatory questions about cable networks and foreign financing.
Foreign Capital Complicates Approval
- Middle Eastern sovereign wealth funds and other foreign investors play a major role in Paramount's financing for the bid.
- Foreign backing complicates approval due to potential CFIUS review and added regulatory scrutiny.
Buyer Type Shapes Integration Risk
- A Netflix acquisition would mix streaming-first operations with large legacy businesses, creating integration uncertainty.
- Paramount merging with WBD is more predictable due to overlap, likely yielding more redundancies but clearer strategy.