Paramount would need to significantly sweeten its offer by $10 billion to successfully acquire Warner Bros. Discovery (WBD), according to Ross Gerber, President and CEO of Gerber Kawasaki Wealth and Investment Management. Gerber made the comments live on Bloomberg TV on December 31st, 2025.
Paramount, controlled by Larry Ellison and his son David, initially proposed a $30-per-share cash bid for Warner Bros. on December 8th. This offer came three days after Warner Bros. accepted a deal with Netflix, which is only acquiring Warner Bros.' studio and streaming businesses. Paramount has since revised its offer twice, the latest iteration including a guarantee from Larry Ellison to personally secure $40.4 billion in equity financing and other commitments. Gerber's assertion suggests that even with Ellison's backing, Paramount's current valuation of the deal falls short of what would be required to outbid Netflix and secure the entirety of WBD.
The potential acquisition has significant market implications. A successful Paramount takeover of WBD would create a media behemoth, consolidating ownership of major studios like Paramount and Warner Bros., along with streaming services and cable networks like MTV, HBO, and CNN. This consolidation could lead to increased pricing power for the combined entity and potentially reduce competition in the streaming landscape. However, Gerber also suggested that a higher price from Paramount could ultimately benefit Netflix, as it would increase the value of the assets Netflix is already acquiring.
Paramount's pursuit of Warner Bros. is part of a broader strategy by the Ellison family to build a media empire. The company's public campaign to garner support for its proposal underscores the high stakes involved. The media landscape is currently undergoing a period of rapid consolidation, with companies vying for scale to compete with established players like Netflix and Disney.
The future of the deal remains uncertain. Paramount faces the challenge of convincing Warner Bros. shareholders that its offer is superior to Netflix's and that it can successfully integrate the two companies. The $10 billion premium suggested by Gerber highlights the financial hurdles Paramount must overcome to realize its ambitions. The outcome will likely reshape the competitive dynamics of the media and entertainment industry for years to come.
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