David Ellison's Paramount Skydance Launches Hostile Takeover Bid for WBD at $30/Share

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Paramount Skydance has initiated a hostile takeover bid for Warner Bros. Discovery (WBD), . The move, announced on December 8, 2025, . , RedBird Capital, and Middle Eastern sovereign wealth funds, , Citi, and Apollo Global Management [according to CNBC reporting](https://www.cnbc.com/2025/12/08/paramount-skydance-launches-hostile-bid-for-wbd-to-finish-what-we-started-ceo-ellison-tells-cnbc.html).

Financing and Strategic Rationale

The financing structure includes non-voting equity investments from Saudi Arabia's , Abu Dhabi's , and Qatar Investment Authority, [ensuring the deal remains outside CFIUS jurisdiction](https://www.cnbc.com/2025/12/08/paramount-skydance-launches-hostile-bid-for-wbd-to-finish-what-we-started-ceo-ellison-tells-cnbc.html). , highlighting the value of retaining WBD's TV networks, which are set to spin off as Discovery Global in 2026.

, .

Regulatory and Political Dynamics

The bid has triggered a lobbying arms race, with both sides leveraging Trump-era connections. [Netflix, , has engaged former National Economic Council deputy Clete Willems and Virginia Boney Moore, a Trump White House alumnus. Paramount, , added , a former DOJ antitrust chief, and hired Brownstein Hyatt Farber Schreck. Jason Miller, a Trump campaign ally, has also advised an investor group supporting Paramount [according to Politico reporting](https://www.politico.com/news/2025/12/08/warner-bros-lobbying-bonanza-000000).

Market and Industry Reactions

Warner Bros. , . Ellison argued the deal would face shorter regulatory hurdles due to Paramount's smaller size and alignment with Trump's pro-competition stance. [He criticized Netflix's $72 billion agreement](https://www.cnbc.com/2025/12/08/paramount-skydance-launches-hostile-bid-for-wbd-to-finish-what-we-started-ceo-ellison-tells-cnbc.html), .

Governance and Shareholder Engagement

Paramount's offer includes no governance rights for its equity partners, including 's Affinity Partners. WBD CEO David Zaslav has not responded to the revised $30-per-share proposal, which Ellison claims remains open to further adjustments [according to CNBC reporting](https://www.cnbc.com/2025/12/08/paramount-skydance-launches-hostile-bid-for-wbd-to-finish-what-we-started-ceo-ellison-tells-cnbc.html). The bid underscores Paramount's belief in a unified WBD as a stronger entity, [despite Netflix's emphasis on preserving jobs](https://www.cnbc.com/2025/12/08/paramount-skydance-launches-hostile-bid-for-wbd-to-finish-what-we-started-ceo-ellison-tells-cnbc.html) and content diversity.