Paramount Isn’t Giving up Warner Bros. to Netflix Just Yet
The Town with Matthew Belloni
The Ringer
4.3 • 1.1K Ratings
🗓️ 18 December 2025
⏱️ 36 minutes
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| 0:00.0 | Head home for the holidays with Abercrombie and Fitch. Between family dinners and making time to catch up with friends, my calendar gets booked up. |
| 0:08.0 | When I need to look put together, Abercrombie makes it easy to find outfits for all of my fans. |
| 0:13.0 | With their classic jumpers, essential hoodies and Abercrombie denim, I've got my holiday fits covered for the whole season. |
| 0:20.0 | Shop Abercrombie in the app, online, and in stores. |
| 0:29.8 | It is Thursday, December 18th. |
| 0:32.7 | Quite a development in the saga of who will buy the Warner Brothers Discovery Studio. |
| 0:37.5 | The board of the company didn't just reject the hostile takeover bid from Paramount. |
| 0:41.4 | They kind of eviscerated Paramount and the Ellison family in the process. |
| 0:45.4 | The 83-page SEC filing offers the Warner's version of events that led to Netflix |
| 0:50.2 | announcing its $83 billion acquisition of the studio and HBO Max on December 5th. |
| 0:55.2 | Remember, Paramount is now pushing a hostile bid of more than $100 billion for the whole |
| 0:59.6 | company, including the TV networks that are the subject of debate over how valuable they |
| 1:04.1 | will be on their own. In the new filing, Warner's called Paramount's $30 per share offer inferior |
| 1:08.9 | and inadequate. The Ellison's, quote, consistently misled |
| 1:12.8 | them and repeatedly failed to incorporate critical feedback regarding its equity financing. |
| 1:18.5 | The bid was portrayed as messy and filled with red flags. By contrast, they say, the Netflix |
| 1:23.8 | offer of more than $27 in cash and stock for just the studio in HBO Max, |
| 1:29.0 | which Warner's ended up accepting, was a, quote, clean bid without questions around who is |
| 1:34.1 | ultimately accountable and without Middle East money. That's a key point. After all, the Ellisons |
| 1:38.7 | are putting in only $12 billion of equity. I say only as if $12 billion dollars is only, but it's only $12 billion in |
| 1:45.7 | their bid. And they recruited funds in Saudi Arabia and Abu Dhabi and Qatar to put in additional |
| 1:51.6 | money, about $24 billion, double the amount of the family, though the fund associated with |
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