TLDR
- Warner Bros Discovery’s board is expected to reject Paramount Skydance’s $108.4 billion takeover bid as early as Wednesday
- The board will likely recommend shareholders vote against the all-cash $30-per-share offer from Paramount
- Warner Bros appears ready to stick with Netflix’s $27 cash-and-stock deal for its non-cable assets
- Jared Kushner’s Affinity Partners has withdrawn from backing Paramount’s bid
- Paramount claims its offer is superior and would face easier regulatory approval than Netflix’s proposal
Warner Bros Discovery’s board could announce a decision as early as Wednesday on Paramount Skydance’s $108.4 billion takeover offer. Sources familiar with the matter say the board will likely advise shareholders to reject the bid.
Warner Bros are planning to reject Paramount’s latest offer to buy the company
They see their existing agreement with Netflix as offering greater value, certainty and terms
(Source: https://t.co/NWk0QkRibr) pic.twitter.com/QYRgBDEjHG
— DiscussingFilm (@DiscussingFilm) December 16, 2025
The decision would mark another turn in the battle for Warner Bros’ assets. These include the company’s film and TV studio and its extensive content library featuring properties like Harry Potter and Friends.
Netflix emerged earlier this month with a $27 cash-and-stock bid for Warner Bros’ non-cable assets. Paramount CEO David Ellison then took his case directly to shareholders with a $30-per-share, all-cash offer for the entire company.
Warner Bros. Discovery, Inc., WBD
Paramount has positioned its bid as superior to Netflix’s proposal. The company says it would face fewer regulatory hurdles. The offer is backed by $41 billion in new equity from the Ellison family and RedBird Capital, plus $54 billion in debt commitments from Bank of America, Citi, and Apollo.
Financing Partner Exits Deal
Jared Kushner’s Affinity Partners, one of Paramount’s key financing partners, has pulled out of the battle. Bloomberg reported the exit, though neither Paramount nor Affinity Partners responded to requests for comment.
The Financial Times reports that Warner Bros will reject the offer partly due to concerns about how the deal would be financed. The company put itself up for sale in October after receiving multiple expressions of interest.
On December 5, Warner Bros Discovery announced its agreement to sell film and streaming businesses to Netflix. The following week, Paramount Skydance launched its competing offer for the whole company, including television networks.
Regulatory Scrutiny Expected
A takeover of Warner Bros would face examination from competition regulators in both the US and Europe. The winner will control a deep content library that includes classics like Casablanca and Citizen Kane alongside modern franchises.
The Writers Guild of America’s East and West branches have called for any merger to be blocked. They argue consolidation would lead to lower wages and job cuts. The unions also claim the volume of content available to viewers would decrease.
Warner Bros owns the HBO Max streaming service. Its library spans decades of entertainment history. The company declined to comment on the pending board decision.
Netflix’s offer came after a bidding process that began in the fall. Paramount entered the race late but with an aggressive all-cash proposal. The Ellison family, which backs Paramount, has close ties to President Donald Trump.
The board’s recommendation on Wednesday will guide shareholders on whether to accept Paramount’s $30-per-share bid or stick with the Netflix deal for non-cable assets.
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