Paramount Skydance on Monday made a $108.4 billion hostile takeover offer for all of Warner Bros. Discovery, with its all-cash bid coming just three days after Netflix agreed to buy a part of Warner Bros. in a deal valued at $82.7 billion.

Warner Bros. Discovery “shareholders deserve an opportunity to consider our superior all-cash offer for their shares in the entire company,” Paramount Skydance CEO David 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,” he said.

Paramount Skydance is the parent company of CBS News.

The new offer steps up the battle over the future of Warner Bros. Discovery, which on Friday agreed to a deal with Netflix under which the streaming giant would acquire Warner’s streaming and movie assets. Warner Bros.’ storied film library includes classics like “Casablanca” and the “Harry Potter” film series. 

Paramount Skydance said its offer is a better deal for Warner shareholders because it includes the entirety of Warner Bros. Discovery, including its cable television channels such as CNN, TBS, TNT and The Food Network. The transaction would also have an easier path through the regulatory process than Netflix’s offer, according to Paramount. 

“Paramount is highly confident in achieving expeditious regulatory clearance for its proposed offer, as it enhances competition and is pro-consumer, while creating a strong champion for creative talent and consumer choice,” the company said in a statement.

Paramount Skydance’s offer includes the cost of absorbing Warner Bros. Discovery’s debt, which as of September 30 was more than $33 billion, a regulatory filing shows. The all-cash $30 per share offer amounts to nearly $78 billion. Excluding Warner Bros. Discovery’s debt, Netflix’s bid for the company comes to roughly $72 billion. 

Potential antitrust hurdle

Some Wall Street analysts have said the Netflix-Warner Bros. combination could raise concerns among U.S. antitrust enforcers because of the streaming service’s size and the potential to reduce competition in the media space. 

“Because Netflix is positioned as the largest streaming platform, the company’s acquisition of HBO Max services and customers raises red flags,” said Jeffrey May, managing editor for the Insights & Enrichment team within Wolters Kluwer Legal and Regulatory U.S., in an email. 

May added, “Netflix and HBO Max compete for subscribers. Their combination could be seen as a threat to competition and innovation.”

President Trump also signaled the Netflix-Warner Bros. deal could face hurdles, saying on Sunday that the combined company’s size “could be a problem.” Mr. Trump also said he would be involved in any decision about whether the federal government should approve the deal.

Usha Haley, a Wichita State University professor who specializes in international business strategy, told the Associated Press that Paramount’s ties to Mr. Trump are notable. Paramount CEO David Ellison is the son of Larry Ellison, who leads software maker Oracle Corp. and is an avowed supporter of Mr. Trump. 

Mr. Trump “said he’s going to be involved in the decision — we should take him at face value,” Haley said. “For him, it’s just greater control over the media.”

Netflix declined to comment, while Warner Bros. Discovery didn’t immediately respond to a request for comment.

Shares of Warner Bros. Discovery jumped $1.65, or 6.3%, to $27.72 in early trading on Monday, while Paramount Skydance shares rose 78 cents, or 5.8%, to $14.14. Netflix’s stock slumped 4.9% to $95.64.

Paramount Skydance’s tender offer is set to expire on Jan. 8, 2026, unless it is extended.

Impact on streaming

Netflix, which has more than 300 million subscribers, is the world’s largest streaming service, according to David R. King, a professor of management at Florida State University.

Warner Bros. Discovery’s streaming platforms, which include HBO Max and Discovery+, rank as the fourth-largest with 128 million subscribers, followed by Paramount+ at No. 5, with 78 million customers, he added. Amazon Prime Video and Disney/Hulu rank as No. 2 and 3, respectively.

The prospect of more media industry consolidation has prompted critics such as Sen. Elizabeth Warren, a Democrat from Massachusetts, to speak out against the Netflix-Warner Bros. deal. In a statement on Friday, Warren said the combination would “create one massive media giant with control of close to half of the streaming market.”

Netflix is likely to argue that other video platforms, such as YouTube should be included in calculating streaming services’ market share, according to The Guardian. 

The bidding war follows Warner Bros. Discovery’s announcement in June that it planned to split into two businesses, separating its cable networks from its streaming and studios business.

But in October, the media conglomerate said it had attracted interest from companies about buying all or parts of it outright, with the Wall Street Journal reporting that media and entertainment businesses, including Netflix, Paramount Skydance and Comcast, were pursuing a deal.

Warner Bros. Discovery shareholders “will have to choose between [Paramount Skydance’s] straight $30-a-share cash offer and Netflix’s slightly lower, more complex bid with a linear networks spin-off, both carrying serious antitrust questions,” David O’Hara, managing director at market research firm MKI Global Partners, said in an email.

Hollywood icons Jennifer Lopez and Keith Urban have recently got fans talking after rumours about a possible romance between them started swirling.

The pop star and the country singer were recently seen laughing and enjoying each other’s company at a Los Angeles charity event, and people noticed their chemistry right away.

Neither Jennifer nor Keith have confirmed anything about their romance rumours but insiders said that the two have been spending more time together lately.

The 55-year-old singer and actress and 56-year-old country singer have high-profile past relationships, which makes every public sighting spark curiosity.

The Unstoppable actress has previously been married to Hollywood’s biggest names Marc Anthony and Ben Affleck, while Keith has been married to Oscar-winning star Nicole Kidman since 2006.

However, fans and insiders quickly jumped online to share their excitement on the viral meetup between the two stars.

Many pointed to past music and charity events where the pair seemed close and the way they looked at each other recently only fueled the gossip.

Observers also noted their laughter, casual touches and how natural they seemed together.

Moreover, entertainment experts said that the rumours make sense because both Lopez and Urban value family and share a deep love for music.

Even though no one has been seen on an actual date, their public appearances highlighted strong bond, if it’s romantic or a close friendship.

For now, fans are eagerly watching every move of Jennifer and Keith, hoping to see if Hollywood’s newest buzz-worthy duo is just friends or if this could turn into something more. 

Katie Price looked uplifted by the festive spirit as she wore a Santa costume, but her noticeable weight loss remains a point of concern for her millions of fans. 

The former glamour model, 47, showcased her multiple tattoos in a Christmas minidress paired with a matching Santa hat and white fishnet tights. 

Despite the worrying weight loss, Katie appeared upbeat in her new sizzling photos as she posed on her wooden staircase at home. Alongside a microphone emoji, she teased: ‘Something exciting coming soon.’ 

This comes after reports that Katie is planning a surprise bid for the Christmas number one spot following the release of her song, Best Of Me, earlier this year.

It also follows fresh concerns for her health after she admitted she is addicted to vaping in a recent social media post.

Katie has reportedly struggled to quit vaping. She was previously spotted using a vape on a train last year and was seen puffing on one during her live tour with friend Kerry Katona. 

A source told The Mirror: ‘Katie needs to stop for health reasons, obviously, her family members have been very worried.

‘But she’s so stressed and it vaping is simply her way of releasing that stress. It’s also very addictive and as we know, Katie’s got a very addictive personality.’ 

The reality star has also faced several health scares this year. In September, she was rushed to hospital after accidently stabbing herself while cooking a curry.