The corporate media war just got nastier.
On December 10, 2025, Paramount threw down a massive gauntlet, issuing a fiery letter to Warner Bros. Discovery shareholders while pushing a $108.4 billion counteroffer to derail Netflix’s grip on a deal that would’ve changed the entire entertainment landscape. And yes, AEW fans should be paying very close attention.
The letter, sent by Paramount Skydance CEO David Ellison, made it crystal clear: they’re not backing down—and they’re going straight to the shareholders with their $30-per-share all-cash tender offer. Ellison’s message? Ditch Netflix, we’re offering more money, more certainty, and less red tape.
“Our offer is financially superior to Netflix’s transaction, which provides WBD shareholders with lower value, less cash and significantly less certainty,” the letter stated.
Paramount took direct aim at the Netflix deal, breaking down why they believe the rival offer is shaky at best. The letter claimed Netflix’s cash component is $18 billion less than Paramount’s and questioned the stock’s recent plunge, citing volatility and uncertainty in the tech sector.
Ellison’s team also accused Warner Bros. Discovery of rushing into a “backroom deal” with Netflix while ignoring six separate proposals from Paramount over 12 weeks—including one with full financing, backstopped by the Ellison family’s $250 billion trust.
“We received not a single call, text or email to clarify anything about Paramount’s $30 per share all cash offer,” Ellison wrote, calling the WBD board’s decision to favor Netflix “a sprint” away from shareholder value.
And that’s not all. Paramount’s press release hammered the regulatory risks Netflix faces, especially in Europe where the streaming giant controls over half the OTT subscription revenue. The letter insists Netflix’s plan to merge with HBO Max would give it nearly “43% market share” and invite antitrust nightmares.
Meanwhile, Paramount promises quicker regulatory approval, a $5 billion reverse termination fee as a safety net, and zero plans to slash content or dismantle creative teams. Ellison emphasized that the $6 billion in projected cost savings won’t come from gutting studios or theatrical output.
“Having experienced what it is like to act in and produce films first-hand, I have profound respect for creative talent,” Ellison said.
As of now, shareholders have until January 8, 2026, to tender their shares to Paramount. The clock is ticking—and the outcome of this corporate shootout could redefine not just Hollywood, but the future of pro wrestling as AEW’s fate hangs in the balance depending on who ultimately controls TNT and TBS.
Whether it’s Netflix or Paramount that comes out on top, one thing’s clear: AEW may need to start scouting a new home, fast.
What do you think? Should AEW ride the Netflix wave—even with WWE already on board—or would Paramount’s vision provide a better long-term fit for pro wrestling? Drop your thoughts in the comments and let us know who you’re backing in this billion-dollar showdown.
December 10, 2025 9:47 pm
