David Ellison's Hostile Takeover of WBD: What Retail Investors Need to Know

A Major Shakeup Is Underway in the Media and Entertainment Industry

A major shakeup is underway in the media and entertainment industry. On December 8, 2025, Paramount Global, now known as Paramount Skydance and led by , . Discovery (WBD). The move came just days after Netflix announced its own $82.7 billion deal to acquire WBD's studio and streaming assets. Now, Ellison is directly challenging Netflix and WBD with a full-company all-cash offer for $30 per share, according to CNBC reporting.

What Is a Hostile Takeover — and Why Does This One Matter?

A occurs when one company acquires another without the target's board support. In this case, WBD's board previously rejected Paramount's earlier bid, so Ellison is now appealing directly to shareholders. The $108.4 billion offer is all cash, making it a clear, immediate payout option for WBD shareholders according to CBS News.

The bid is backed by a combination of private equity and institutional funding. , , the UAE, and Qatar. Additionally, , Citi, and Apollo Global Management according to Variety.

The structure avoids governance rights for investors to sidestep U.S. regulatory scrutiny from the Committee on Foreign Investment in the United States () according to StockTitan.

A High-Stakes Media Race: Paramount vs. Netflix

Netflix's $82.7 billion deal for WBD's studio and streaming assets is still in the works but excludes the TV networks, such as CNN and TNT. That means Paramount's offer, which includes those assets, is not just bigger in value, but also more comprehensive according to Variety. For WBD shareholders, Paramount's all-cash offer represents more certain value — and a faster path to completion — compared to Netflix's hybrid cash-and-stock deal according to AInvest.

Ellison has framed the offer as a superior option. According to his calculations, . That said, the Netflix deal is not without its own momentum. . according to VGChartz.

What This Means for Investors and the Market

The competition for WBD is more than a corporate power play — it's a signal of broader trends in the media industry. With streaming giants like Netflix and Amazon continuing to consolidate content, deals like this reshape the competitive landscape.

For retail investors, the key question is: what happens next? WBD's board has 10 business days to respond to the tender offer, and the offer itself will expire on January 8, 2026 according to CNBC. Meanwhile, according to BusinessWorld.

Paramount's shares have also seen a sharp climb, , . That suggests investors see Paramount's bid as a potential game-changer, despite its higher price tag according to CNN.

Looking Ahead: What's Next for WBD and the Media Landscape?

The outcome of this bidding war will be shaped by regulatory approvals, shareholder votes, and legal challenges. Netflix faces antitrust scrutiny due to the combined market share of its and WBD's content libraries. Paramount's all-cash structure may help it avoid some of those hurdles, but it's not guaranteed.

For David Ellison, this is a bold move to reshape the media industry — one that could redefine how content is produced and distributed in the next decade. The next few weeks will be critical. If WBD shareholders respond positively to the tender offer, the deal could be completed before the end of January. If not, the battle may shift to the courts or to regulatory bodies like the FTC according to The Los Angeles Times.

At the end of the day, this is more than a corporate takeover. It's a signal of where the media world is heading — and who might be the big winners and losers in the process.