Topline
Paramount Skydance discussed its hostile $108 billion bid for Warner Bros. Discovery with French President Emmanuel Macron this week as the company seeks support from European officials, Bloomberg reported Thursday, after Paramount said it would launch a proxy fight to prevent a merger with Netflix.
Warner Bros. Discovery twice rejected an offer from Paramount backed by billionaire Larry Ellison.
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Key Facts
Senior executives from Paramount held talks with Macron and other senior French officials in recent days to discuss the bid, Bloomberg reported, citing people familiar with the matter.
The company met with UK officials in London on Thursday, while other meetings with the European Commission have also reportedly taken place this week, as either Paramount or Netflix will face regulatory scrutiny in the U.S. and from the European Commission after a deal is finalized.
Warner Bros. Discovery urged its shareholders to reject Paramount’s bid for a second time earlier this month, saying Paramount’s offer “remains inadequate.”
Tangent
The Delaware Chancery Court on Thursday rejected Paramount’s demand for Warner Bros. Discovery to better explain why Netflix’s nearly $83 billion takeover was more appealing than its own, according to court filings. Warner Bros. Discovery, in a statement to Reuters, called Paramount’s lawsuit “another unserious attempt to distract and the judge saw right through it,” though Paramount indicated it would further pressure Warner Bros. Discovery for more information.
What To Watch For
Paramount CEO David Ellison, the son of billionaire Oracle chairman Larry Ellison, announced Tuesday the company would launch a proxy fight to disrupt Netflix’s merger with Warner Bros. Discovery. Ellison said Paramount would nominate a “slate of directors” during Warner Bros. Discovery’s annual meeting later this year who would pursue Paramount’s offer, arguing Warner’s board has “shirked its duty” by recommending shareholders to approve Netflix’s takeover.
Key Background
Tensions have escalated in recent weeks as Paramount pursues a hostile takeover. A deal was finalized for Warner to sell its studios to Netflix for about $83 billion in December, and the company has repeatedly said Paramount’s $30-a-share offer was “inferior” to Netflix’s. Paramount’s offer was reviewed by Warner, whose board said it provided “inadequate” value and imposed “numerous, significant risks and costs,” according to chair Samuel DiPiazza, while Netflix offered a “clear path to close” with regulators. Warner also disputed whether Larry Ellison, the fifth-richest person in the world with a net worth estimated at $241.6 billion, would back Paramount’s bid. In an amended bid last month, Paramount disclosed that Larry Ellison agreed to provide an “irrevocable personal guarantee” of $40.4 billion and said it would pay Warner $5.8 billion should the transaction fail to go through.
Further Reading
Paramount Courts Macron In European Charm Offensive For Warner Deal (Forbes)
Source: https://www.forbes.com/sites/tylerroush/2026/01/15/paramount-held-talks-with-emmanuel-macron-about-wbd-bid-report-says/
