business

December 17, 2025

WBD tells shareholders Netflix deal is superior to Paramount offer: 'It was not a hard choice,' chairman tells CNBC

Paramount launched a hostile bid for WBD, taking a $30-per-share, all-cash offer directly to shareholders.

WBD tells shareholders Netflix deal is superior to Paramount offer: 'It was not a hard choice,' chairman tells CNBC

TL;DR

  • Warner Bros. Discovery's board unanimously advised shareholders to reject Paramount Skydance's takeover offer.
  • The board cited the Paramount offer's inadequacy, significant risks, and costs to shareholders.
  • Netflix's proposal is considered a superior and more certain value for shareholders.
  • Paramount's offer is $30 per share, with an enterprise value of $108.4 billion.
  • Netflix's offer involves a cash-and-stock transaction for WBD's streaming and studio assets, valued at $72 billion equity / $83 billion enterprise.
  • Paramount may consider a higher bid, but has not yet increased its current offer.
  • WBD indicated a desire for more direct funding from the Ellison family in any Paramount deal.
  • Jared Kushner's Affinity Partners exited its involvement in the Paramount bid.
  • WBD plans a shareholder vote in spring or early summer.
  • Both Netflix and Paramount expect regulatory review from the Department of Justice.

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