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Paramount’s All-Cash Bid for WBD Gains Strength with Middle East Funds and Kushner Backing:Paramount has intensified its challenge to Netflix by taking its richer, all-cash offer for Warner Bros. Discovery (WBD) directly to shareholders. The move sets up what could become one of Hollywood’s most dramatic takeover battles, especially as major Middle Eastern sovereign wealth funds and Jared Kushner’s Affinity Partners step forward as key financial backers.
Paramount Pushes Cash Power
Paramount CEO David Ellison stressed that shareholders should focus on the certainty of a complete cash offer rather than complicated equity structures. Unlike Netflix’s partial acquisition proposal, Paramount is offering a straightforward purchase of the entire WBD portfolio, including cable assets such as CNN.
Speaking on CNBC, Ellison said:
“We are offering shareholders $17.6 billion more cash than the deal they currently have signed up with Netflix… cash is still king.”
Offer Breakdown: Paramount vs Netflix
Paramount’s bid includes:
- $30 per WBD share, fully in cash, to acquire the company in its entirety.
Netflix’s rival offer stands at:
- $27.75 per share, consisting of
- $23.25 in cash + $4.50 in Netflix stock,
- excluding CNN and other cable properties.
WBD has said it will evaluate the Paramount proposal and issue its recommendation within ten business days. The board must assess value, regulatory risks, deal certainty, and any penalties tied to exiting the existing Netflix agreement.
Regulatory Questions Raised — Including by Trump
Paramount argues that tying Netflix, the world’s largest streaming platform, with HBO Max could raise antitrust questions. Ellison said regulators might object to the combined market power.
Former U.S. President Donald Trump echoed the concern, saying the firms’ merger “could be a problem” because of Netflix’s dominant market share. He also suggested he would have a say in whether the Netflix-Warner Bros. proposal proceeds.
Middle Eastern Wealth Funds & Kushner Backing: A Key Advantage
A major highlight of Paramount’s offer is its powerful financing structure. Paramount’s bid is backed not only by RedBird Capital and the Ellison family but also by Jared Kushner’s Affinity Partners and major Middle Eastern sovereign wealth funds.
As reports indicate, funding support may come from:
This level of international capital gives Paramount’s cash proposal a substantial edge. It also helps secure the entire $40.7 billion in equity required, reinforcing certainty that the deal can close without future funding complications.
What Shareholders Must Decide
Shareholders now face two very different paths:
- Paramount’s fully funded, all-cash acquisition of all WBD assets, including CNN, with support from heavyweight global investors,
versus - Netflix’s partial acquisition, stock component, asset spinoffs, and potentially tougher regulatory review.
As the evaluation unfolds, Paramount’s Middle East-backed financing may prove to be the decisive factor, allowing investors to see a cleaner path to completion and stronger long-term value.
