Warner Bros rejects Paramount's $108-billion bid

18-Dec-2025

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Warner Bros Discovery on Dec 17 rejected Paramount Skydance’s $108.4-billion takeover bid, saying the offer lacked credible financing assurances and posed significant risks to shareholders.

In a letter to shareholders disclosed in a regulatory filing, the Warner Bros Discovery board said Paramount had “consistently misled” investors by claiming its $30-per-share cash offer was fully guaranteed by the Ellison family led by Oracle CEO Larry Ellison. The board said the bid was not, and had never been, fully backstopped, describing it as carrying “numerous, significant risks.”

The board said Paramount’s proposal was inferior to Warner Bros Discovery’s existing merger agreement with Netflix. Netflix’s binding offer of $27.75 per share covers Warner Bros’ film and television studios, its content library and the HBO Max streaming service. The board said the Netflix deal requires no equity financing and is supported by strong debt commitments.