Warner Bros. Discovery’s Board of Directors has again unanimously recommended that WBD stockholders reject the revised offer from Paramount Skydance (PSKY) announced December 22, 2025, and continues to recommend that stockholders approve the deal with Netflix, which said it welcomed Warner’s latest reaffirmation of their binding deal.
“The Board unanimously determined that the Paramount’s latest offer remains inferior to our merger agreement with Netflix across multiple key areas,” said Samuel A. Di Piazza, Jr., Chair of the Warner Bros. Discovery Board of Directors. “Paramount’s offer continues to provide insufficient value, including terms such as an extraordinary amount of debt financing that create risks to close and lack of protections for our shareholders if a transaction is not completed.”
Since Netflix stunned Hollywood in early December by emerging as the winning bidder in the Warner auction, Paramount has put up a bitter fight, yet neither party has raised the value of its offer yet. Under the terms announced December 5, Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO, in a cash-and-stock transaction valued at $27.75 per WBD share (total enterprise value of approximately $82.7 billion; equity value of $72 billion). The transaction preserves WBD’s planned separation of Discovery Global, expected in the third quarter of 2026.
