The Netflix and Warner Bros. Discovery logos, in this illustration created on Dec. 5, 2025. Dado Ruvic/Reuters
Warner Bros. Discovery’s board of directors said on Dec. 17 that it is advising shareholders to reject Paramount Skydance’s hostile takeover bid and support Netflix’s offer.
Last week, Paramount put forward an all-cash $30‑per‑share bid valuing Warner Bros. at $108.4 billion, matching the offer it made a week earlier. CEO David Ellison argued that the proposal is superior to Netflix’s and said a Paramount–Warner Bros. merger would have better odds of clearing regulatory review.
