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Ted Sarandos, CEO of Netflix and David Zaslav, CEO of Warner Bros. Discovery. Mario Anzuoni | Mike Blake | Reuters Hours before Warner Bros. Discovery agreed to sell its studio and streaming assets to Netflix, Ted Sarandos, the co-CEO of Netflix, called WBD CEO David Zaslav to inform him Netflix wouldn’t be bidding any higher. WBD shareholders now have a chance to call Sarandos’ bluff. WBD shareholders have until Jan. 8 to tender their shares to Paramount for $30 in cash, though that deadline may be artificial. Paramount can extend it all the way to WBD’s annual meeting, which hasn’t been set yet but this year took place June 2. If Paramount acquires 51% of outstanding WBD shares, it would control the company, even though the WBD board already agreed to sell the company’s studio and streaming assets to Netflix. Both Netflix and Paramount can use the coming days and weeks to speak with WBD shareholders to gauge whether they’d like to take Paramount’s offer or stick with the board’s recommendation to sell to Netflix. To tender or not to tender, that is the question. There are sound arguments for both sides. The decision also presents a game theory element for shareholders who may simply want a bidding war rather than caring about the right buyer. To tender There are two overarching reasons why a shareholder might tender their holdings to Paramount. The first is if the investor believes Paramount’s $30-per-share, all-cash offer for the entirety of WBD is more valuable than Netflix’s $27.75-per-share bid for just the Warner Bros. film studio and HBO Max streaming business. The second is a belief that tendering shares is the best way to force a bidding war between Netflix and Paramount. A shareholder could decide Paramount’s current offer is better than Netflix’s if…

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Filed under: News - @ December 22, 2025 5:24 pm