Netflix vs Paramount: Here’s what investors need to know about how the numbers stack up

Global media giants Netflix and Paramount Skydance are competing against each other in efforts to acquire Warner Bros. Discovery (WBD). Although the final vote remains in the hands of WBD shareholders, both companies are making efforts to persuade their decision with adjustments to their original bids.

How do the bid numbers stack up?

1. Savings: According to a Reuters report, WBD shareholders will be saving $2-3 billion annually with Netflix’s offer, while the combined business will execute more than $6 billion in cost synergies in the Paramount bid.

2. Per-share offer: Netflix’s offer gives the shareholders a $27.75 per share all-cash offer, and Paramount’s bid offers shareholders $30 apiece all-cash tender offer.

3. Share premium: Netflix‘s bid gives around a 121.3% premium to Warner Bros. shareholders as of closing price on 10 September, as per the agency report. While Paramount’s bid gives around 139% as of the closing price on 10 September.

4. Closing: Netflix’s offer closes between 12 and 18 months, while Paramount’s offer stands for more than 12 months.

5. CEOs: Netflix’s deal is led by co-CEOs Ted Sarandos and Greg Peters, while Paramount Skydance’s deal is led by CEO David Ellison.

6. Who will fund? Netflix’s offer will be funded through a debt funding route of up to $59 billion from Wells Fargo, BNP Paribas, and HSBC Bank, along with cash on hand and equity.

Paramount’s offer will be funded by Larry Ellison, equity capital from RedBird, and debt funding of $54 billion from Bank of America, Citi and Apollo. Saudi Arabia’s Public Investment Fund, Abu Dhabi-based L’imad Holding Company PJSC, and Qatar Investment Authority are among the other financing partners.

7. Enterprise value: Netflix’s offer comes with an enterprise value of $82.7 billion and an equity value of $72 billion. While, Paramount’s offer comes with an enterprise value of $108.4 billion and an equity value of $74.35 billion.

8. Breakup fee: In Netflix’s bid, the company will pay $5.8 billion, and Warner Bros. will have to pay $2.8 billion. While Paramount’s offer will make the company pay $5.8 billion as a breakup fee.

9. Streaming subscribers: Netflix has a subscriber base of over 300 million, while Paramount has 79.1 million.

10. Assets in line: In the Netflix deal, the assets in line are Warner Bros’ film and television studios, video game IP and developers, HBO network and its content library, and the HBO Max streaming service.

In Paramount’s bid, all of Warner Bros Discovery, including film, television, streaming, gaming and cable television networks, including HBO and CNN, are in line for a takeover.

Netflix revises offer

In an SEC filing on 20 January 2026, Netflix revised its original offer structure of the $82.7 billion acquisition deal, from a combination of cash and equity shares to an all-cash deal in an effort to make it simpler.

Despite making the change in the structure to an all-cash deal, Netflix continues to value the Warner Bros. acquisition at $27.75 per share, unchanged from the prior transaction structure.

This move comes as Netflix aims to simplify the transaction structure, while providing greater certainty for WBD stockholders in value terms, and to also expedite the path to a WBD stockholder vote on the offer.

Paramount’s $108 billion bid

Competing against Netflix, in an effort of a hostile takeover, Paramount Skydance bid $108 billion, looking to potentially acquire Warner Bros. Discovery via an all-cash deal.

Mint reported earlier how the company offered $30 per share to WBD investors to potentially acquire all the outstanding shares.

In efforts to make the deal lucrative for the shareholders, Paramount Skydance CEO David Ellison’s father and Oracle’s Founder and billionaire Larry Ellison have agreed to personally fund $40.4 billion in equity financing to support Paramount Skydance’s all-cash offer.

However, in a recent interview with the Financial Times, Netflix CEO Greg Peters said that without Larry Ellison’s financial support through independent financing, there is allegedly no chance for Paramount to pull off the funding for the acquisition round.

Now all eyes are on the upcoming shareholders meeting of Warner Bros. Discovery, where the people will vote on the proposed transactions which is expected to be held by April 2026, on whether or not to accept the acquisition offer.