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Just two days ago, The New York Post reported that Netflix's rumored $82.7 billion plan to acquire Warner Bros. Entertainment might face a counter-attack from Paramount Skydance, the losing bidder, which was reportedly planning a hostile takeover. Today, Paramount Skydance officially made its move, announcing a public all-cash offer to Warner Bros. Discovery shareholders to acquire all outstanding shares of Warner Bros. Discovery at $30 per share.
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Paramount Skydance, which previously offered $70 billion, has now significantly increased its bid to $108.4 billion. This acquisition is not solely for Warner Bros. Entertainment but encompasses all subsidiaries under Warner Bros. Discovery, including television channels like CNN, TBS, and TNT. The financing for this takeover includes significant backing from Paramount Skydance CEO David Ellison's (pictured left) father, Oracle founder Larry Ellison (pictured right), alongside $24 billion in funding from sovereign wealth funds in Saudi Arabia, Qatar, and Abu Dhabi. China's Tencent has also pledged $1 billion in support.