Paramount said Monday it is making a bid to acquire Warner Bros. Discovery, swooping in just days after Netflix announced a $83 billion deal to purchase a large part of the media giant.

Warner Bros. Discovery shareholders would be offered $30 per share, which represents a 139% premium to the stock price as of Sept. 10, 2025, Paramount said.

The offer from Paramount encompasses the HBO Max streaming service, the Warner Bros. film production company and cable channels such as CNN.

Netflix established its agreement with Warner Bros. Discovery at a lower price of $27.75 per share, though the Netflix offer excluded the cable channels.

“We believe the WBD Board of Directors is pursuing an inferior proposal which exposes shareholders to a mix of cash and stock, an uncertain future trading val

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