Paramount Declares War with $10.84 Billion 'Money Game'... Hostile M&A Battle with Netflix Over Warner Bros.

Paramount has thrown down the gauntlet, flipping the script on the 'big catch' Warner Bros. Discovery (WBD), which Netflix thought it had secured. The largest 'Game of Thrones' in Hollywood history has begun.

On the 9th (local time), Paramount, led by David Ellison, officially announced a Hostile Takeover Bid for WBD. This surprise attack comes just days after Netflix signed a deal to acquire WBD's studio and streaming assets.

◆ "More Expensive than Netflix, All-Cash"

The terms proposed by Paramount are extraordinary. They offered $30 per share for the entire acquisition of WBD, totaling a corporate value of $108.4 billion (approximately 153 trillion won). This amount exceeds Netflix's offer of $27.75 per share, and most importantly, the fact that it is 'all-cash' is expected to be a strong incentive for shareholders.

CEO David Ellison expressed confidence in a statement, saying, "Our proposal is superior to Netflix in every aspect, including price, terms, and vision." He also pointed out that "merging with Paramount will be much easier to get regulatory approval," highlighting antitrust issues as a weakness for Netflix.

◆ Oil Money and Tech Giants... The Might of the 'Ellison Coalition'

Behind this proposal is a powerful capital backing. The global tycoon Larry Ellison, father of David Ellison and founder of Oracle, along with Redbird Capital Partners, is providing funding.

Additionally, sovereign funds from Saudi Arabia, Qatar, and Abu Dhabi, along with Jared Kushner, son-in-law of President Donald Trump, leading Affinity Partners, have also joined the investment, mobilizing political and economic influence.

◆ Netflix "We Will Not Be Shaken"

In response to the surprise attack, Netflix tried to maintain its composure. Co-CEO Ted Sarandos stated at the UBS Global Media Conference that "today's move was entirely expected" and defended, saying, "We are very confident that the existing deal will be completed."

In the coming weeks, WBD shareholders will have to choose between two fates: 'partial sale to Netflix' and 'full merger with Paramount.' Depending on this choice, the landscape of the Hollywood media industry is expected to be completely redrawn.