<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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派拉蒙环球

华纳兄弟探索公司的出售引发了奈飞与派拉蒙之间的激烈竞争。奈飞提出的 827 亿美元的报价促使派拉蒙发起了 1080 亿美元的敌意收购要约。关键事件包括拉里·埃里森支持派拉蒙的出价，华纳拒绝了派拉蒙的报价，以及奈飞为其交易辩护。时间线突显了两家公司之间的激烈竞争和战略举措

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

- 华纳兄弟探索公司正在被 Netflix 和派拉蒙争夺。
- Netflix 提供 827 亿美元的收购报价，引发派拉蒙 1080 亿美元的敌意收购。
- 派拉蒙要求股东在 1 月 21 日前接受其报价，反对华纳的 Netflix 合同。

奈飞和派拉蒙是如何引发了一场价值 1080 亿美元的媒体战争，针对华纳兄弟探索公司的