WBD Board Urges Investors to Back Netflix Deal Over Paramount
"The Warner Bros. Discovery Board unanimously reiterates its recommendation in support of the Netflix combination and recommends that WBD shareholders reject Paramount Skydance' (PSKY) offer," the company’s board declared in an official release.
According to the statement, Paramount’s proposed $108.4 billion transaction fails to serve the "best interests" of WBD and its investors and does not satisfy the standards required for a "Superior Proposal" as outlined in WBD’s merger contract with Netflix revealed on Dec. 5, 2025.
Netflix previously disclosed that it had secured a deal with Warner Bros. Discovery to purchase Warner Bros.’ motion picture and television production assets, including HBO Max and HBO, valuing the equity at $72 billion and placing the total enterprise worth at $82.7 billion.
Subsequently, entertainment conglomerate Paramount revealed that it had submitted a bid to acquire all outstanding shares of Warner Bros. Discovery at $30 per share in cash, implying an overall enterprise valuation of $108.4 billion.
"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," said Samuel Di Piazza, Jr., chairman of the Warner Bros. Discovery Board of Directors.
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