Paramount and Warner Bros logos are seen in this illustration taken December 8, 2025. REUTERS/Dado Ruvic/Illustration

(Corrects typo in headline tag)

Dec 8 (Reuters) - Paramount Skydance on Monday launched a hostile bid worth $108.4 billion for Warner Bros Discovery, as it looks to scupper the Hollywood studio's deal with Netflix, in a last-ditch effort to create a media powerhouse that would challenge the dominance of the streaming giant.

Netflix had emerged victorious on Friday from a weeks-long bidding war with Paramount and Comcast, securing a $72 billion equity deal for Warner Bros Discovery's TV, film studios and streaming assets.

Here's what analysts and market experts are saying about the latest development:

CHRIS BEAUCHAMP, CHIEF MARKET ANALYST AT IG GROUP, UK

"Paramount clearly thinks it has the upper hand here, and that the benefits are worth the punchy price tag and the all-cash offer. While it is perhaps a sad commentary on the US that Paramount thinks its closeness to the occupant of the Oval Office will help it seal the deal, it is merely doing what it can to steal a march on its rival. Now we wait to see if Netflix is prepared to undergo more short-term shareholder pain by sweetening its deal."

BEN BARRINGER, HEAD OF TECHNOLOGY RESEARCH, QUILTER CHEVIOT, LONDON

"Paramount's blockbuster bid for Warner Brothers underscores that we are just at the beginning of this saga rather than at the end point. Following Netflix's surprise bid for the entertainment giant at the end of last week, a rival bid from Paramount was expected and as expected they have looked to push Netflix to the sidelines with a significantly higher value."

"Paramount ultimately needs this deal more than Netflix, and that may be a driving factor in the valuation it is putting on Warner Bros. Paramount remains a legacy entertainment provider that lacks the scale required for the modern age. Consolidating amongst peers is the sensible play and gives them the best opportunity to rival Disney for that number two slot behind Netflix."

MKI GLOBAL PARTNERS, LONDON

"In Washington, the concern will be about a single group controlling a very large slice of US general entertainment, kids and sports networks, with scope to lean on distributors and advertisers and to push prices up. That is the discussion the DOJ will likely want to have about this combination, even if it comes pre-blessed by the White House."

ADAM SARHAN, CHIEF EXECUTIVE, 50 PARK INVESTMENTS, NEW YORK

"It's bullish for the media. Whoever ends up acquiring those assets will be the winner. It's one company that's being acquired. This doesn't change disrupt the media business. All it is, is consolidating the media business. You have companies that have a lot of cash, like Paramount and Netflix.

"They have deep pockets. There could be a bidding war here, but the reality is whoever walks out with those assets, it's going to benefit the shareholders of that company, assuming they don't overpay."

PAOLO PESCATORE, ANALYST, PP FORESIGHT, LONDON

"This is turning messy very quickly and seems like sour grapes. There were concerns that Paramount Skydance would challenge the auction process. For Paramount Skydance, it would have been far easier and more efficient to bid appropriately through the auction."

"While a decision has been made, Warner Bros Discovery will need to consider all options. In essence, there is so much more at stake than simply offering a bigger deal. This latest episode has the makings of a TV show in its own right."

"I, like many, was surprised by the outcome as Paramount Skydance seemed to be in pole position given its interest in acquiring the entire company. This would have been the far easiest outcome for WBD, without the need to separate Global Networks later, as is currently the case."

ROSS BENES, SENIOR ANALYST, EMARKETER

"The Warner Bros Discovery acquisition is far from over. Netflix is in the driver's seat but there will be twists and turns before the finish line. Paramount will appeal to shareholders, regulators and politicians to try to stymie Netflix. The battle could become prolonged."

CRAIG HUBER, ANALYST, HUBER RESEARCH PARTNERS, CONNECTICUT

"Paramount should be very careful taking on the amount of debt they are proposing to fund buying Warner Bros. Discovery, in our opinion, regardless of the synergies given the long-term secular revenue pressure the legacy businesses face which are not going away. Debt is not your friend with media stocks. Did putting CBS and Viacom together work out?"

(Reporting by Jaspreet Singh, Arnav Mishra, Arpan Varghese and Avinash P in Bengaluru Editing by Anil D'Silva)