Warner Bros. Discovery’s board has formally advised shareholders to reject Paramount Skydance’s $108.4 billion hostile takeover offer, saying the proposal carries significant risks and is inferior to an existing deal with Netflix. The decision sets the stage for continued competition over the future of one of Hollywood’s biggest studios. Reuters
Paramount’s all-cash bid of $30 per share was launched as a hostile attempt to acquire Warner Bros. Discovery in full, including its studios, streaming services and media assets. But the board concluded it lacked adequate financing assurances and posed regulatory and operational uncertainties. Yahoo Finance
In a letter to shareholders, Warner Bros. Discovery said Paramount’s financing structure backed by equity and debt commitments from a consortium including the Ellison family “remains inferior” and carries “numerous, significant risks and costs” compared with the Netflix transaction. Reuters
Warner Bros. Discovery has instead reaffirmed its support for a separate agreement with Netflix worth about $82.7 billion, which involves selling its film, TV and streaming assets to the streaming giant. That deal is fully financed and backed by Netflix’s strong balance sheet, according to company filings. Reuters
The Paramount offer remains open until early January, and shareholders could still choose to accept it. But with the board’s public rejection and concerns over financing and deal certainty, the company is signaling a clear preference for the Netflix path forward. Yahoo Finance
