Warner Bros. Discovery rejects Paramount Skydance's latest hostile takeover bid

January 8, 2026

TL;DR

Warner Bros. Discovery's board rejected Paramount Skydance's revised hostile bid.
The board deemed the Netflix merger agreement to offer superior value and greater certainty.
Paramount Skydance's offer was criticized for imposing significant risks, costs, and uncertainties.
This is the second time Warner Bros. Discovery has rejected Paramount Skydance's acquisition attempt.
Netflix welcomed Warner Bros. Discovery's commitment to their merger and has filed for antitrust review.
The Netflix deal values Warner Bros. Discovery's HBO, streaming, and studios business at $27.75 per share.
Paramount Skydance's offer valued Warner Bros. Discovery at approximately $108 billion, or $30 per share.

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