Deadline·2025-12-09 17:52Core Insights - Kevin Mayer, former Disney executive, anticipates an increase in the Ellisons' hostile offer for Warner Bros. Discovery (WBD) to attract shareholders from Netflix, predicting a potential rise of five to ten billion dollars [1] Group 1: Acquisition Offers - Paramount has made six offers for WBD, with the latest being $30 per share in cash, valuing the enterprise at $108 billion, all of which have been rejected [2] - WBD has signed a deal with Netflix for $27.75 in cash and stock, valuing the enterprise at $82.7 billion, while Paramount has initiated a hostile tender offer directly to shareholders [2] - Mayer suggests that Paramount's repeated offer may not be sufficient, indicating that it is merely a first step and anticipating significant developments ahead [3] Group 2: Strategic Considerations - The acquisition logic is compelling for both Paramount and Netflix as the media landscape evolves, with Netflix's regulatory challenges regarding streaming being a key consideration [4] - Mayer believes Netflix's primary interest in acquiring Warner is its intellectual property (IP), rather than HBO Max, suggesting that Netflix may be open to concessions regarding streaming to facilitate the deal [5] - The valuation of offers is seen as roughly equal, depending on the assessment of the cable networks that WBD would spin off to shareholders in the event of a Netflix acquisition [5]