Paramount-Skydance mounts hostile bid for WBD, Ellison says 'finish what we started'

Paramount and Skydance have escalated the battle for Warner Bros. Discovery by launching a hostile takeover offer, a move framed by Skydance CEO David Ellison as an effort "to finish what we started." The bid follows Netflix's successful acquisition of Warner Bros.' film studio and the HBO Max streaming service, a deal that notably did not include WBD's linear television networks.

Ellison told CNBC that the new offer aims to secure the remaining assets and strategic pieces of WBD that were not part of Netflix's purchase. Industry observers say the development signals continued consolidation in media and streaming, with legacy broadcasters and independent studios jockeying to assemble content libraries and distribution channels that can compete with streaming-first players.

The dispute highlights a divided approach to media assets: Netflix prioritized content and streaming infrastructure, while Paramount and Skydance are targeting a broader set of WBD holdings, including linear networks and franchise IP that can extend across film, TV and licensing opportunities. A hostile bid typically bypasses friendly negotiations with a target's board, and can accelerate a public fight over valuation, control and strategic direction.

Market analysts caution that hostile offers face regulatory, financing and shareholder hurdles, especially in an industry under intense public and governmental scrutiny. Warner Bros. Discovery's remaining portfolio includes well-known channels and intellectual property that could reshape the competitive landscape depending on how assets are split or consolidated.

Paramount and Skydance's bid could prompt counteroffers, a renegotiation of previously sold assets' terms, or pressure on WBD's board to seek higher bids. For consumers and advertisers, the immediate impacts are uncertain, though further consolidation often leads to reorganization of content libraries, distribution deals and possible shifts in programming strategies.

As the situation unfolds, stakeholders will watch closely for formal statements from Warner Bros. Discovery's leadership, regulatory filings that disclose bid details, and any moves by Netflix or other suitors to defend or augment their positions. Ellison's public declaration positions Paramount-Skydance as an aggressive bidder intent on reshaping the post-acquisition structure of a major media conglomerate.