Last week, all everyone was talking about was Netflix’s deal to buy the core of Warner Bros. Discovery (studios, HBO Max streaming, DC, Harry Potter, etc.) for roughly $82.7 billion, or $27.75 per WBD share. With cable networks like CNN to be dealt with separately.

Everyone was excited (although users were worried about higher monthly subscription fees), and closing was expected in late 2026.

But Monday delivered quite a plot twist, when the newly merged Paramount-Skydance launched a hostile all-cash bid of $30 per share for the ENTIRE company, valuing it at $108.4 billion including debt. 💰

No spin-off, no leftovers.

And it has one hell of a team of backers including Saudi and Qatari sovereign funds, Larry Ellison, and even Jared Kushner (yeah, Ivanka’s husband).

The market, naturally, reacted instantly. 📈

WBD shares jumped about 5% on Monday to just over $27, and continued to climb after hours, signaling investors expect an even higher final price.

Meanwhile, Paramount (PSKY) stock rose over 9%, and Netflix (NFLX) shares fell by 3.44% on fears the deal could collapse or get more expensive.

So yeah, looks like we have a very interesting bidding war — one that’ll probably get turned into a Netflix feature film in the future. 🎥 🤣

Investors have their popcorn ready because this week is definitely going to be exciting. If Netflix wins, WBD holders get $27.75 and a piece of the streaming leader. But if Paramount wins, they get $30 cash and Paramount owes Netflix a $2.8 billion breakup fee. 🍿

Note that nothing is signed yet. Regulators still have to approve any deal, and both face heavy antitrust scrutiny anyway.

Either way, a bidding war usually pushes the price higher than the current offers.

So, for now, Warner Bros. shareholders are the only clear winners. 💵