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The future of Warner Bros. Discovery has been in a bit of limbo for the past week. Just last week, Netflix proposed to buy Warner Bros. Discovery for $83.7 billion in a deal that would give it ownership of WB’s film and game studios, HBO, and HBO Max streaming service (oh, and DC Comics, as well). Now, Paramount - fresh off its recent deal for more South Park episodes - is making a direct bid to Warner Bros. Discovery’s shareholders to accept its own hostile takeover offer of $108.4 billion.

If you follow entertainment news, the competing Netflix and Paramount attempts to purchase Warner Bros. Discovery have been dominating the headlines. On December 5, Netflix put forth its initial offer to purchase Warner Bros. film studios, as well as HBO network and all game studios that Warner Bros. owns. That deal would not include Warner Bros. TV networks, which include CNN, TNT, and Food Network.

That $83.7 billion deal wasn’t necessarily a surprise, as Netflix and others have been trying to buy Warner Bros. Discovery for several months. However, the big twist in this particular drama came a few days later when Paramount launched its own bid to purchase WBD. That deal, championed by Paramount CEO David Ellison, is worth $108.4 billion and would include the aforementioned TV networks. Essentially, Paramount has proposed to purchase the entirety of Warner Bros. Discovery, while Netflix is only planning to purchase specific parts.

That isn’t the only difference between the Netflix and Paramount deals for Warner Bros. Discovery. Paramount’s proposal is to purchase the studio with an all-cash offer, purchasing outstanding shares of the company in what is referred to as a hostile takeover. To do this, Paramount is relying on $40.7 billion in capital from billionaire Larry Ellison, David Ellison’s father, plus funding from the sovereign wealth funds of Saudi Arabia, Qatar, and Abu Dhabi. Despite this, Warner Bros. Discovery has been favoring the Netflix deal.

David Ellison has not been deterred from the deal, however. On December 10, he sent a letter directly to Warner Bros. Discovery shareholders explaining why the Paramount deal is the better one for the company. His letter included the statement that, “Our public offer – identical to the terms we presented to WBD privately – delivers superior value and a faster, more certain path to completion than the transaction announced with Netflix.” That is followed directly by the all-caps statement, “IT IS NOT TOO LATE TO REALIZE THE BENEFITS OF PARAMOUNT’S PROPOSAL IF YOU CHOOSE TO ACT NOW AND TENDER YOUR SHARES.”

Ellison detailed the long journey Paramount has gone on to purchase WBD, with six proposals to the company’s board of directors in the past 12 weeks. “I am passionate and dedicated to this pursuit,” Ellison’s letter says. However, his passion might still not get him the deal he wants in the ongoing saga of the Warner Bros. Discover - Netflix - Paramount drama that is unfolding before us. Expect this one to be one of the major pop culture plots running through 2026.

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