<div id="readability-page-1">The sale of HBO-owner Warner Bros. Discovery ( WBD ) has become the entertainment and streaming industry’s Game of Thrones, with Netflix Inc ( NFLX ) and Paramount Skydance ( PSKY ) battling for control. Warner Bros.’ decision to favor Netflix’s $82.7 billion offer triggered a $108 billion hostile takeover bid from Paramount for the company's entire slate of media assets. The Larry Ellison-backed media firm, run by his son David Ellison, has urged Warner shareholders to sell their shares to Paramount. Here’s an updated timeline of what has happened so far— <ul> <li>Dec. 22, 2025: Larry Ellison, worth more than $240 billion, is backing Paramount's bid with a $40.4 billion personal guarantee. The amended offer follows Warner's sharp criticism of Paramount's $30-per-share proposal, which cited financing opacity and execution risk. Paramount urged shareholders to tender by Jan. 21 and raised its reverse termination fee to $5.8 billion</li> </ul> <ul> <li>Dec. 17: Warner Bros. formally rejects Paramount’s hostile bid, accusing the Ellison family of failing to put money into the deal, and concludes the Netflix ( NFLX ) offer is far superior</li> </ul> <ul> <li>Dec. 16: President Donald Trump‘s son-in-law, Jared Kushner, whose private equity firm had promised $200 million, withdraws from Paramount's bidding team.</li> </ul> <ul> <li>Dec. 15: Netflix ( NFLX ) seeks to soothe its staff’s concerns and defends Warner Bros deal as a “win”. </li> </ul> <ul> <li>Dec. 10: Trump weighs in, slamming CNN as a “disgrace,” and demands the news network be sold in the deal. That same day, Paramount CEO David Ellison sent a letter to Warner Bros. Discovery ( WBD ) shareholders offering $30 per share in cash, arguing Paramount and partner RedBird Capital were best positioned to create long-term value.</li> </ul> <ul> <li>Dec. 8: Paramount launches the $108 billion hostile bid, with Ellison saying Warner Bros never responded to Paramount’s offer.</li> </ul> <ul> <li>Dec. 5: Netflix ( NFLX ) announces a deal to buy Warner Bros.</li> </ul> <ul> <li>Dec. 1: Three bidders, Netflix ( NFLX ), Comcast ( CMCSA ) , and Paramount, submit detailed offers, including details about their financing. Comcast ( CMCSA ) proposes combining its NBCUniversal media company with Warner Bros. and HBO; Netflix ( NFLX ) improves its offer for the studios and HBO. Paramount increases its offer to $26.50 a share. Ellison’s company had submitted several offers before this.</li> </ul> <ul> <li>Nov. 20: The three bidders submit first-round offers for Warner Bros. Discovery ( WBD ).</li> </ul> READ NEXT: <ul> <li>Behind Paramount’s Hostile $108 Billion Bid For Warner Bros Discovery Was— Unanswered Texts?</li> </ul> Image via Shutterstock</div>

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Warner Bros. Discovery's sale has ignited a fierce battle between Netflix and Paramount. Netflix's $82.7 billion offer led to Paramount's $108 billion hostile takeover bid. Key events include Larry Ellison backing Paramount's bid, Warner rejecting Paramount's offer, and Netflix defending its deal. The timeline highlights the intense competition and strategic moves by both companies.

- Warner Bros. Discovery is in a bidding war for its assets, led by a $82.7 billion offer from Netflix and a $108 billion hostile bid from Paramount.  
- Recent developments include Paramount's increased cash offer of $30 per share and Larry Ellison's $40.4 billion personal guarantee to support its bid, despite Warner’s rejection and criticisms of the deal's financing.  
- The situation is evolving with Paramount urging Warner shareholders to sell by January 21, 2026, amidst significant industry interest.

How Netflix, Paramount Sparked A $108 Billion Media War For Warner Bros. Discovery