派拉蒙以 1080 亿美元全现金方式提出恶意收购 WBD，报价每股 30 美元，比 Netflix 先前 827 亿美元协议高出 180 亿美元现金。交易需 407 亿美元股本，其中由 Ellison 家族与 RedBird 担保，另有沙乌地、阿布达比、卡达主权基金及 Jared Kushner 的 Affinity Partners 提供资金。WBD 股价上升 4.4%，派拉蒙上升 9%，Netflix 下跌 3.4%。派拉蒙将其方案描述为对 Netflix「劣势提案」的资金与确定性反制。
Netflix 协议将 WBD 影业与串流资产估值为每股 27.75 美元，不含有线资产，后者预计于明年分拆并估值约 4 美元，而派拉蒙仅估 1 美元。Netflix 预期争取监管同意需 12 至 18 个月，派拉蒙称此为「不切实际」。WBD 董事会维持对 Netflix 的推荐，但将审视派拉蒙方案。收购案核心变数为垄断风险、对有线资产的估值差异，以及股东对持有 Netflix 股票的上行空间判断；股东须于 1 月 8 日前对派拉蒙要约投票。
派拉蒙表示已于 12 周内递交六次提案但未获实质回应，遂直接诉诸股东。银行团（美银、花旗、Apollo）提供 540 亿美元债务承诺。若 WBD 终止 Netflix 协议，需支付 28 亿美元分手费。Netflix 执行长 Sarandos 称派拉蒙反击「完全可预期」，并声称其交易具备最高可完成性，且若完成收购，旗下电影如《A Minecraft Movie》《Superman》《Weapons》仍会院线上映。
Paramount launched a $108bn all-cash hostile bid for WBD at $30 per share, exceeding Netflix’s prior $82.7bn agreement by $18bn in cash. The deal requires $40.7bn in equity backstopped by the Ellison family and RedBird, with added financing from Saudi Arabia, Abu Dhabi, Qatar, and Jared Kushner’s Affinity Partners. WBD shares rose 4.4%, Paramount 9%, and Netflix fell 3.4%. Paramount framed its offer as superior in liquidity and certainty relative to Netflix’s “inferior proposal.”
Netflix’s agreement valued WBD’s studio and streaming assets at $27.75 per share, excluding cable assets estimated at $4 per share, whereas Paramount valued them at $1. Netflix projects a 12–18-month regulatory process; Paramount called this unrealistic. WBD’s board maintained its Netflix recommendation but will review Paramount’s bid. Key determinants include antitrust exposure, divergent cable valuations, and shareholder appetite for Netflix equity. Shareholders must vote on Paramount’s tender by January 8.
Paramount said WBD ignored six proposals over 12 weeks and thus took its offer directly to shareholders. Bank of America, Citigroup, and Apollo supplied $54bn in debt commitments. Breaking with Netflix would trigger a $2.8bn fee. Netflix CEO Ted Sarandos labeled the counter-offer expected and asserted confidence in closing, adding that films such as A Minecraft Movie, Superman, and Weapons would still receive theatrical releases if its acquisition succeeded.