Last Updated:December 09, 2025, 00:05 IST

Paramount Skydance, backed by the Ellison family, offers $30 per share to buy Warner Bros Discovery, challenging Netflix’s bid

Paramount Skydance has offered to buy Warner Bros Discovery against Netflix’s plan to buy the company’s studio and streaming networks.

BBC quoted Paramount, which is backed by the billionaire Ellison family, saying it was making a direct offer to shareholders of $30 per share to scoop up the whole of Warner Bros, including its traditional television networks.

It stated that its proposal was a “superior alternative” to Netflix.

“We’re sitting on Wall Street, where cash is still king,” Ellison told CNBC in an interview Monday. “We are offering shareholders $17.6 billion more cash than the deal they currently have signed up with Netflix. And we believe when they see what is currently in our offer, then that’s what they’ll vote for.”

According to CNN, Paramount offered $30 per share in an all-cash deal for the entire company, while Netflix offered $27.75 for Warner Bros. and HBO — $23.25 per share in cash and $4.50 in stock. However, Paramount, unlike Netflix, is seeking to buy WBD in its entirety.

“WBD shareholders deserve an opportunity to consider our superior all-cash offer for their shares in the entire company,” Ellison said in a statement. “Our public offer, which is on the same terms we provided to the Warner Bros. Discovery Board of Directors in private, provides superior value, and a more certain and quicker path to completion. We believe the WBD Board of Directors is pursuing an inferior proposal.”

Previously, US President Donald Trump said “there could be a problem” with Netflix purchasing Warner Bros Discovery, flagging concerns over competition given the size of the companies.

On Sunday, Trump said the streaming giant already commands “a very large market share,” adding that the acquisition “could be a problem” for regulators assessing its impact on competition.

He made it clear that he intends to play a role in the outcome, remarking, “I’ll be involved in that decision”.

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The FTSE 100 started the week on the back foot, weighed by falls in Marmite owner Unilever, while in the US the battle for control of Warner Bros Discovery took another turn.

The FTSE 100 index closed down 21.92 points, 0.2%, at 9,645.09. The FTSE 250 ended 142.67 points lower, 0.7%, at 21,921.28, and the AIM All-Share ended down 2.78 points, 0.4%, at 748.52.

In London, trading was muted ahead of Wednesday’s US interest rate decision.

The US central bank is widely expected to deliver a third consecutive 25 basis points interest rate cut, taking the Federal Reserve’s target range for the federal funds rate to 3.5%-3.75% at what could be a contentious meeting.

Goldman Sachs says the case for a cut is “solid”.

“Job growth remains too low to keep up with labour supply growth, the unemployment rate has risen for three months in a row to 4.4%, other measures of labour market tightness have weakened more on average and some alternative data measures of layoffs have begun to rise recently, presenting a new and potentially more serious downside risk,” the investment bank said.

Barclays expects a “hawkish” cut.

“At the press conference, we expect (Fed) chairman Powell to reinforce the message that a pause is likely at the January meeting, provided the labour market does not suddenly deteriorate, and to mention that the (Federal Open Market Committee) remains very divided about the future course of policy,” the bank said.

The pound was quoted lower at 1.3319 dollars at the time of the London equities close on Monday, compared to 1.3326 dollars on Friday.

The euro stood at 1.1624 dollars, down against 1.1635 dollars. Against the yen, the dollar was trading higher at 155.88 yen compared to 155.42 yen.

In European equities on Monday, the CAC 40 in Paris closed down 0.2%, while the DAX 40 in Frankfurt ended up 0.1%.

Stocks in New York were lower at the time of the London equity close.

The Dow Jones Industrial Average and the S&P 500 index were down 0.3%, while the Nasdaq Composite was 0.2% lower.

In New York, Paramount Skydance launched an all-cash offer to acquire Warner Bros Discovery for 30 dollars per share, trumping a previous bid from streamer Netflix.

The hostile offer sets up a battle between Paramount – whose owner, Larry Ellison, is an ally of US President Donald Trump – and streaming behemoth Netflix to buy one of Hollywood’s most storied studios.

Netflix shocked the industry last week by announcing it had sealed an agreement to buy the Warner Bros studio, drawing bitter reactions from voices in Hollywood worried about the future of their industry.

Mr Trump weighed in on Sunday, saying Netflix’s effort to acquire Warner Bros “could be a problem” as it would be left with a huge market share of the film and TV industry.

“We’re really here to finish what we started,” David Ellison, chairman and chief executive of Paramount, told CNBC as his company made a sixth offer for Warner Bros since the bidding war began.

Netflix fell 4.5%, Warner Bros rose 5% and Paramount Skydance surged 7.3%.

The yield on the US 10-year Treasury was quoted at 4.19%, widened from 4.14%. The yield on the US 30-year Treasury was at 4.83%, stretched from 4.80%.

On the FTSE 100, Unilever fell 6.6% as Magnum Ice Cream started trading in Amsterdam, London and New York.

Shares in the Ben & Jerry’s and Magnum owner, which has been split from Unilever, rose 1.3% in Amsterdam compared to the 12.80 euro reference price, implying a market value of around 7.94 billion euros, below some market forecasts.

Diana Radu, Morningstar equity analyst, said initial valuations are “lower than earlier estimates”, while she noted technical factors could also weigh on Magnum shares in the short-term.

She said: “Magnum is headquartered in the Netherlands and has its primary listing on Euronext Amsterdam, so unlike Unilever, it does not qualify for inclusion in the FTSE UK index series.

“As a result, UK index-tracking funds that receive Magnum shares in the spin-off but benchmark against FTSE UK indices are required to sell, which creates some short-term downward pressure on the share price after listing.

“Still, we remain optimistic on the longer-term outlook. As a standalone company, the ice-cream business gains a refreshed management team and a more focused, category-specific strategy.”

Housebuilders were also another weak feature as UK bond yields pushed higher, with Barratt Redrow down 4% and Persimmon down 3.5%.

Nonetheless, Ami Galla, equity analyst at Citi, believes a spring bounce is likely to drive a sector re-rating, saying: “We continue to have a positive sector view into 2026 for volume housebuilders, which should benefit from a favourable rate outlook as well as a gradual improvement to the planning backdrop.”

Heading upwards, defence stocks rallied on continued geopolitical uncertainty.

Defence contractor Babcock International led the blue-chip risers, up 2.6%, with BAE Systems, up 1.1%.

Aerospace manufacturer Rolls-Royce was in demand, up 2.1%, after receiving an order from defence company KNDS for more than 300 engines for Leopard 2 battle tanks.

On the FTSE 250, Kainos surged 6.6% as Bank of America double-upgraded to “buy” from “underperform”, while Baltic Classifieds, up 5.9%, recouped some of last week’s heavy falls, which followed a downbeat trading update.

Brent oil was quoted at 62.79 dollars a barrel at the time of the London equities close on Monday, down from 63.60 dollars late on Friday.

Gold was quoted at 4,192.10 dollars an ounce on Monday, lower against 4,208.77 dollars.

The biggest risers on the FTSE 100 were Babcock International, up 30p at 1,176p; Scottish Mortgage Investment Trust, up 25p at 1,094.5p; Polar Capital Technology Trust, up 10.5p at 475p; Rolls-Royce, up 22.5p at 1,107p; and Prudential, up 19.5p at 1,097.5p.

The biggest fallers on the FTSE 100 were Unilever, down 296p at 4,160p; Barratt Redrow, down 15p at 363.2p; JD Sports Fashion, down 3.1p at 79.6p; Persimmon, down 46.5p at 1,298.5p; and Entain, down 24p at 735.2p.

Tuesday’s economic calendar has an interest rate decision in Australia overnight and BRC retail sales data in the UK. The two-day FOMC meeting starts in the US.

Tuesday’s UK corporate calendar has half-year results from equipment hire firm Ashtead Group and greetings card and gift retailer Moonpig.

Contributed by Alliance News.

Journalists at STV have voted for strike action in a dispute over proposals to cut jobs and scrap the dedicated news programme in the north of Scotland.

The National Union of Journalists (NUJ) said a ballot of members found that 94% were in favour of strike action and and 98% supported action short of strikes on a turnout of 82%.

It comes after the broadcaster announced proposals to make 60 staff redundant with the NUJ saying half of those would be in the newsroom.

In addition, STV plans to replace its central belt and north of Scotland news with a single programme from Glasgow, with this including sections devoted to regional news.

Scotland’s First Minister John Swinney has already expressed his concerns about the proposals.

The union said that some of the proposals require Ofcom approval, and the regulator’s public consultation is expected to begin in the next few weeks.

Nick McGowan-Lowe, NUJ national organiser for Scotland, said: “Voting for industrial action is a step that no worker takes lightly.

“This result shows the strength of feeling within our members at STV, both around the cuts, and the way in which management has handled them.

“While we acknowledge the progress that STV management have already made in attempting to reduce the number of compulsory redundancies, the plan they are proposing for axing the STV North edition of the News At 6 is bad for viewers, bad for journalism, and bad for the North of Scotland.

“This is a dispute about quality journalism, and making sure the north of Scotland can continue to have access to reliable, trusted, quality news coverage that is routed in their communities.

“We will continue to fight for every single job in the newsroom.”

STV said the results of the ballot on industrial action are “disappointing”.

It said STV’s programme of cost savings is being made in response to challenging trading conditions in the advertising and content commissioning markets, and a structural change in viewing habits.

Rufus Radcliffe, chief executive of STV, said: “Today’s ballot result is disappointing, especially when the consultation process has not yet concluded and we are making significant progress through voluntary redundancy and redeployment.

“As a result, we expect the number of those impacted on a compulsory basis to be very small.

“Our proposals will protect local journalism and ensure STV News is financially sustainable.

“This kind of change is never easy, and our focus continues to be on supporting our colleagues through a period of essential change.”