KEY TAKEAWAYS:

Paramount launches a $79.9B hostile bid for Warner, topping Netflix ‘s $72B offer.

Competing bids raise the likelihood that Warner will ultimately be acquired.

Regulatory scrutiny looms, with President Trump signaling concerns over market share.

Shareholders have until Jan. 8, 2026, to weigh Paramount’s tender offer.

Warner Bros. Discovery’s friendly agreement to sell itself to Netflix just got upended by a hostile actor — Paramount, which made Warner shareholders a higher offer and touched off what is likely to be a lengthy fight in the latest episode of media industry consolidation.

The bid comes after Warner last week agreed to be bought by Netflix for $72 billion.

The competing offers set the stage for combining some of the most beloved entertainment propertie

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