Paramount moved boldly on December 8, 2025, launching an all-cash tender offer of $30 per share to acquire Warner Bros. Discovery, a proposal that values the company at roughly $108.4 billion and takes the fight directly to shareholders. The offer is explicit about providing higher and more certain cash value than the competing proposal, and Paramount has made clear it will not let a deal engineered behind closed doors stand without shareholder scrutiny. This is capitalism in action — a scrappy American studio taking the field against a tech behemoth to protect shareholder value.
Netflix’s recently announced agreement to buy much of Warner Bros. was structured as $27.75 per share in a mix of cash and stock, and Warner’s board initially backed that transaction despite its complex structure and regulatory uncertainties. Paramount has publicly criticized that deal as inferior and risky, arguing that a cash offer eliminates the volatility and multi-jurisdictional approval headaches that come with a tech giant swallowing a legacy studio. Ordinary shareholders deserve clarity and immediate value, not a drawn-out, legally fraught process engineered by Silicon Valley elites.
This bid is not a vanity play — it’s backed by serious capital. The Ellison family, RedBird Capital, and significant debt commitments from major banks, alongside reported participation from sovereign wealth funds and other investors, have put real muscle behind Paramount’s proposal. That coalition signals that Main Street investment and private capital are ready to defend American entertainment institutions against monopolistic consolidation.
Conservatives should recognize the broader principle at stake: resisting Big Tech’s appetite to gobble up every corner of culture and commerce. Netflix’s deal carries one of the largest breakup fees ever — a sign that regulators may rightly scrutinize the combination — and the risk of concentrated power over content is a threat to competition, creators, and audiences alike. If the left-wing media elites want to hand over our cultural institutions to a handful of Silicon Valley billionaires, hardworking Americans must push back with market-based alternatives that preserve competition and creative freedom.
Warner Bros. Discovery shareholders face a clear choice, and Paramount has set an expiration date for its tender offer: shareholders must weigh this superior all-cash value against a complex, speculative path laid out by Netflix. The board’s current preference for the Netflix transaction looks like a comfort vote for a tech giant rather than a defense of shareholder interests, and shareholders would do well to demand the highest return now. This is a moment to back American entrepreneurship, reward tangible value, and keep a powerful cultural engine in hands that respect creators and the marketplace.
