Paramount presented its case for a hostile takeover on Monday, outlining concerns about the proposed Netflix and Warner Bros. Discovery $82.7 billion deal. Company executives stated that this merger would “solidify streaming domination and end the streaming wars,” potentially harming the broader film and television industry.

Paramount leaders warned that the Netflix bid could:

• Undermine creative talent
• Lead to higher prices for consumers
• Threaten the future of theatrical movie releases

They also argued that the Netflix offer would leave shareholders with stock in a “highly leveraged global networks business” and expose them to “volatile Netflix shares that can drive value below headline levels.” Paramount pointed out the deal’s “highly uncertain regulatory outlook.”

Paramount’s own all-cash tender offer, led by David Ellison, is valued at $30 per share—$18 billion more than Netflix’s proposal—giving the deal an enterprise value of $108.4 billion and offering 29% more cash. The offer is fully backed by the Ellison family, RedBird Capital Partners, Bank of America, CitiBank, and Apollo Global Management, with $24 billion in financing from three Middle Eastern sovereign wealth funds.

Paramount stated that its deal, which includes all of Warner Bros. Discovery and its cable networks, could close within 12 months, compared to Netflix’s estimated 12 to 18 months. The company emphasized its commitment to “broader and more comprehensive regulatory efforts” to complete the transaction, claiming this goes beyond what Netflix is offering. Paramount also criticized Netflix for not clarifying how debt would be divided between Warner Bros. Discovery’s global networks and studio streaming businesses.

Paramount CEO David Ellison said, “This transaction is about building more, not cutting back—more opportunity for the industry, more choice for consumers, more value for shareholders, and more support for creative talent.” He added that Paramount’s focus is on expanding creative output, not dominating the sector, and aims to strengthen Hollywood for the benefit of the entire ecosystem.

Ellison noted that Paramount addressed all concerns from the Warner Bros. Discovery board by increasing the offer’s value, strengthening financing, and enhancing regulatory commitments, but received no response. “We’re taking our offer directly to shareholders because they deserve transparency and the ability to make an informed decision,” he said. “Our proposal is superior to Netflix’s in every dimension: higher headline value, increased certainty in that value, greater regulatory certainty, and a pro-Hollywood, pro-consumer, and pro-competition future. We’re confident that once shareholders have the opportunity to choose for themselves, they’ll choose Paramount.”

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