Advanced Television

WBD Board refuses Paramount offer; Netflix responds

December 17, 2025

By Nik Roseveare

Warner Bros Discovery (WBD) has announced that its Board of Directors has unanimously rejected Paramount Skydance’s $108 billion+ takeover bid.

Paramount had attempted to gatecrash Netflix’s acquisition of WBD with an offer of $30 a share, declaring that it was “superior” to the streaming giant’s $72 billion deal initially struck with WBD.

“Following a careful evaluation of Paramount’s recently launched tender offer, the Board concluded that the offer’s value is inadequate, with significant risks and costs imposed on our shareholders,” Samuel A Di Piazza,Jr., chair of the WBD board of directors, said in a statement. “This offer once again fails to address key concerns that we have consistently communicated to Paramount throughout our extensive engagement and review of their six previous proposals. We are confident that our merger with Netflix represents superior, more certain value for our shareholders and we look forward to delivering on the compelling benefits of our combination.”

Netflix welcomed the recommendation from the (WBD) Board of Directors to reject the offer from Paramount Skydance.

“The Warner Bros Discovery Board reinforced that Netflix’s merger agreement is superior and that our acquisition is in the best interest of stockholders,” said Ted Sarandos, Netflix co-CEO. “This was a competitive process that delivered the best outcome for consumers, creators, stockholders and the broader entertainment industry. Netflix and Warner Bros complement each other, and we’re excited to combine our strengths with their theatrical film division, world-class television studio, and the iconic HBO brand, which will continue to focus on prestige television. We’re also fully committed to releasing Warner Bros films in theatres, with a traditional window, so audiences everywhere can enjoy them on the big screen.”

Netflix co-CEO, Greg Peters, added: “By acquiring Warner Bros, we’ll be able to offer audiences and creators around the world even more choice, value and opportunity. This transaction is fundamentally pro-consumer, pro-innovation, pro-creator and pro-growth. Together we will deliver an even broader selection of great series and films that audiences can watch at home and in theaters, while driving long-term value for our stockholders. We’re excited to begin this new chapter and continue to entertain and delight fans around the world.”

Paramount is expected to return with a higher bid – and Netflix will have the chance to match it, or respond with a counter offer.

Meanwhile, a key backer of Paramount’s attempt to buy Warner Bros, Affinity Partners, is said to have pulled out of the bid, citing the involvement of “two strong competitors”. Affinity was founded by US President Donald Trump’s son-in-law Jared Kushner.

Categories: Business, Headline, M&A

Tags: , ,