- Warner Bros Discovery (WBD) has rejected Paramount Skydance’s $108.4 billion bid to acquire the company.
- WBD’s board supports Netflix’s $72 billion offer to purchase its movie and TV studios, including HBO Max.
- The Netflix deal will proceed after WBD spins off its TV networks, planned for Q3 2026.
- Paramount’s all-cash offer of $30 per share exceeds Netflix’s $27.75 per share cash-and-stock proposal.
- Stocks for Paramount Skydance and WBD declined, while Netflix’s shares rose amid the bidding developments.
Warner Bros Discovery has chosen to back Netflix over Paramount Skydance in the bid to acquire the company, leading to a drop in both WBD and Paramount Skydance shares. Netflix’s bid is currently valued at approximately $72 billion, while Paramount Skydance proposed a higher $108.4 billion offer for the full company.
The Warner Bros Discovery board unanimously rejected the Paramount Skydance tender offer, stating that it does not meet the criteria of a “Superior Proposal” according to the terms agreed with Netflix on December 5, 2025. The board recommends that shareholders decline the Paramount Skydance offer. The Netflix deal is planned to move forward after WBD spins off its TV networks, known as Discovery Global, in the third quarter of 2026.
Paramount’s bid, entirely in cash at $30 per share, is higher than Netflix’s cash-and-stock offer of $27.75 per share. Paramount’s offer is set to expire on January 8, 2026. At this time, it remains unclear whether Paramount or its CEO David Ellison will increase the bid before the deadline.
As the bids continue, Paramount Skydance’s stock dropped 5% on Wednesday. Netflix shares also declined by 2.39% at market close, reflecting investor reactions to the latest developments in the acquisition race.
The ongoing competition underscores the strategic interest in Warner Bros Discovery’s content assets, with significant implications for the streaming and entertainment industries.
For more details on the transaction, see the related coverage of the merger negotiations.
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