Yahoo Finance·2025-12-27 22:31Core Insights - The sale of Warner Bros. Discovery has become a highly competitive situation in the entertainment and streaming industry, likened to a "Game of Thrones" scenario, with Netflix and Paramount Skydance vying for control [1] Group 1: Offers and Bids - Warner Bros. Discovery has favored Netflix's $82.7 billion offer, prompting a $108 billion hostile takeover bid from Paramount for the company's media assets [2] - Paramount's bid includes a $40.4 billion personal guarantee from Larry Ellison, who is backing the offer [4] - Paramount has raised its reverse termination fee to $5.8 billion in response to Warner's criticism of its initial $30-per-share proposal [4] Group 2: Timeline of Events - On December 5, Netflix announced a deal to acquire Warner Bros. [4] - On December 8, Paramount launched its $108 billion hostile bid, claiming Warner Bros. never responded to its previous offers [4] - On December 15, Netflix defended its deal as a "win" for its staff amid the competitive bidding [4] - On December 17, Warner Bros. formally rejected Paramount's bid, stating that the Netflix offer was superior [4] - The timeline includes various offers from Netflix, Comcast, and Paramount, with Comcast proposing a merger of its NBCUniversal media company with Warner Bros. [4]