Paramount said Monday it is making a bid to acquire Warner Bros. Discovery, swooping in just days after Netflix announced a $83 billion deal to purchase a large part of the media giant.

Warner Bros. Discovery (WBD) shareholders would be offered $30 per share, which represents a 139% premium to the stock price as of Sept. 10, 2025, Paramount said.

The offer from Paramount encompasses the HBO Max streaming service, the Warner Bros. film production company and cable channels such as CNN.

Netflix established its agreement with Warner Bros. Discovery at a lower price of $27.75 per share, though the Netflix offer excluded the cable channels.

“We believe the WBD Board of Directors is pursuing an inferior proposal which exposes shareholders to a mix of cash and stock, an uncertain future trading value of the Global Networks linear cable business and a challenging regulatory approval process. We are taking our offer directly to shareholders to give them the opportunity to act in their own best interests and maximize the value of their shares,” David Ellison, chairman and CEO of Paramount, said in a statement.

“Our public offer, which is on the same terms we provided to the Warner Bros. Discovery Board of Directors in private, provides superior value, and a more certain and quicker path to completion,” Ellison added.

Shares of Paramount climbed nearly 6% in early trading on Monday. By contrast, Netflix shares dropped about 4%.

In a statement on Friday, Netflix touted its deal to acquire Warner Bros., saying the agreement would improve its offerings.

“This acquisition brings together two pioneering entertainment businesses, combining Netflix’s innovation, global reach and best-in-class streaming service with Warner Bros.’ century-long legacy of world-class storytelling,” Netflix said.

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