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Board of directors
Warner Bros.Discovery
decided to reject Paramount Skydance’s offer to buy the studio for US$108 billion, even though its offer was much higher than Netflix’s offer of US$72 billion.
WBD said it remains committed to its controversial deal with Netflix that would have acquired studios Warner Bros., HBO and HBO Max for US$27.75 per share.
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The acquisition would follow WBD’s third-quarter 2026 spin-off of Discovery Global, which includes the company’s television networks.
“The board of directors has unanimously decided that the tender offer launched by Paramount Skydance (‘PSKY’) on December 8, 2025, is not in the best interests of WBD,” WBD said in a statement.
“And its shareholders and does not meet the ‘Superior Proposal’ criteria under the terms of WBD’s merger agreement with Netflix announced on December 5, 2025.”
In that statement, as reported
Variety
on Wednesday (17/12), WBD’s board of directors “recommended that WBD shareholders reject PSKY’s offer.”
“The terms of the merger with Netflix are superior. PSKY’s offer provides insufficient value and creates significant risks and costs for WBD,” the Warner Bros. board of directors said.Discovery in a letter to shareholders.
Not only that, WBD’s board of directors said Paramount “consistently misled” WBD shareholders that the proposed transaction had the full support of the Ellison family.In fact, they said, that didn’t happen.
Paramount Skydance was founded by David Ellison, the son of super-rich tycoon Larry Ellison who owns Oracle Corporation.
According to WBD’s board of directors, Paramount’s proposal would subject WBD shareholders to uncertainty and non-transparency from the Ellison family.
WBD admitted that it had repeatedly informed them of the Ellison family’s full and unconditional financing commitment if they were interested in buying WBD.However, it turns out that the Ellison family did not support PSKY’s offer.
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The situation of uncertainty regarding the commitment to support from the tycoon family is what made the Warner Bros. board of directors.Discovery assessed the offer from Paramount Skydance as “not commensurate with the significant risks and costs imposed on our shareholders”.
“This offer once again fails to address the key concerns we have consistently raised with Paramount during our extensive engagement and review of their six previous proposals,” said WBD’s board of directors.
“We believe that our merger with Netflix represents superior and more certain value for our shareholders and we look forward to realizing the attractive benefits of our combination.”
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