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Bond Market News
Paramount Launches $108.4bn Hostile Bid for WBD
December 9, 2025
Paramount Skydance unveiled a $108.4bn hostile bid for Warner Bros Discovery (WBD), attempting to derail Netflix’s recently accepted $72bn offer. Paramount’s $30/share all-cash proposal represents a $18bn cash premium over Netflix’s deal and a 139% premium to WBD’s pre-rumor valuation. The Warner Bros board said it will review Paramount’s offer but continues to recommend Netflix’s bid, advising shareholders to take no action yet. Paramount argues that its proposal, backed by Larry Ellison, Affinity Partners, and sovereign wealth funds from Saudi Arabia, Qatar, and Abu Dhabi, offers greater value, faster regulatory approval, and is better aligned with Hollywood and consumers. Lawmakers and unions have already raised concerns over Netflix’s deal, while Paramount’s consolidation of major TV assets has triggered warnings given its political ties. The financing sources, linked to Trump allies and Middle Eastern governments, have also drawn criticism. Both bids face regulatory headwinds, and accepting Paramount’s offer would require WBD to pay Netflix a $2.8bn breakup fee. Netflix’s CEO called the hostile bid “expected” and said he remains confident in closing. Analysts expect the battle to be prolonged, with Paramount appealing to shareholders and regulators to block Netflix. Separately, credit rating agency Moody’s, kept WBD’s ratings on review for a downgrade folllowing Netflix’s acquisition announcement.
Paramount’s bonds traded stable with its 6.75% 2037s at 100.4, yielding 6.7%. WBD’s 4.279% 2032s traded marginally lower at 90.2 yielding 6.2%.
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