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The Paramount logo is displayed on the water tower at Paramount Studios on December 8, 2025 in Los Angeles, California. Mario Tama | Getty Images The Warner Bros. Discovery board on Wednesday said it unanimously recommended that WBD shareholders reject a takeover offer from Paramount Skydance and stick with a “superior” proposal from Netflix. Last week, Paramount launched a hostile bid for WBD, taking a $30-per-share, all-cash offer directly to shareholders. Paramount Skydance CEO David Ellison has argued the deal, which equates to an enterprise value of $108.4 billion, is better than Netflix’s and that a Paramount-WBD combination would have better chances of winning regulatory approval. “Following a careful evaluation of Paramount’s recently launched tender offer, the Board concluded that the offer’s value is inadequate, with significant risks and costs imposed on our shareholders,” Samuel Di Piazza, chair of the Warner Bros. Discovery board, said in a news release. “This offer once again fails to address key concerns that we have consistently communicated to Paramount throughout our extensive engagement and review of their six previous proposals,” Di Piazza said. “We are confident that our merger with Netflix represents superior, more certain value for our shareholders and we look forward to delivering on the compelling benefits of our combination.” The WBD board noted the Paramount bid includes more than $40 billion of financing that is separate from the Ellison family despite Paramount claiming the funding has a “full backstop” from the family. “Despite their own ample resources, as well as multiple assurances by PSKY during our strategic review process that such a commitment was forthcoming – the Ellison family has chosen not to backstop the PSKY offer,” the board said in a letter to shareholders. Di Piazza told CNBC’s David Faber on “Squawk Box” Wednesday morning that the board would have…

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Filed under: News - @ December 17, 2025 1:27 pm