WBD Confirms Paramount Hostile Bid, Still Recommending Netflix Agreement for Time Being
December 8, 2025
Warner Bros. Discovery Dec. 8 acknowledged receipt of Paramount Skydance’s $30-per-share hostile offer, saying its board and special committee would review the bid as part of its “fiduciary duties” and give its recommendation to shareholders in 10 days.
In the meantime, the board said Netflix’s accepted $27.75-per-share ($68.8 billion) offer, with an enterprise value of $82.7 billion and equity value of $72 billion, for WBD’s studio and streaming assets, remains the accepted deal.
“Warner Bros. Discovery intends to advise its stockholders of the board’s recommendation regarding Paramount Skydance’s tender offer within 10 business days,” the media giant, headed by CEO David Zaslav, said in a statement.
The company advised stockholders not to take any action at this time with respect to Paramount Skydance’s proposal.
Allen & Company, J.P. Morgan and Evercore are serving as financial advisors to Warner Bros. Discovery and Wachtell Lipton, Rosen & Katz and Debevoise & Plimpton LLP are serving as legal counsel.
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