Paramount Says It Has Lined Up Financing for Warner Bros. Bid

By Elias Schisgall

Paramount said it has lined up all necessary financing for its hostile bid to acquire Warner Bros. Discovery and urged shareholders to voice their support for the acquisition effort as it digs in on its bidding war with Netflix.

The company said Wednesday morning that its offer of $30 a share in cash will be financed by $41 billion in new equity backstopped by RedBird Capital and the Ellison family, who together are majority owners of Paramount, along with $54 billion in debt commitments from Apollo, Citibank, and Bank of America.

This comes after Warner Bros. advised shareholders to vote against Paramount's unsolicited offer in a Wednesday morning letter that raised questions about the solidity of Paramount's financing, as reported by The Wall Street Journal.

Paramount Chief Executive Officer David Ellison on Wednesday said he has heard from Warner Bros. shareholders who favor Paramount's bid, and the company accused Warner Bros. of failing to engage with its offer or to seek a higher counteroffer from Netflix. Paramount also claimed Warner Bros. hasn't adequately addressed various questions and concerns regarding the Netflix deal.

"Paramount is committed to its offer and looks forward to WBD shareholders choosing a Paramount transaction over Netflix," the company said.

Write to Elias Schisgall at elias.schisgall@wsj.com

(END) Dow Jones Newswires

December 17, 2025 11:19 ET (16:19 GMT)