Name: Warner Bros Discovery Board Rejects Paramount's Hostile Bid
Uploaded: 2025-12-17T17:17:07.000Z
Description: Paramount and Netflix have been in a race to win control of Warner Bros.

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Warner Bros Discovery's board spurned Paramount Skydance's $108.4 billion hostile takeover bid on Wednesday, calling the offer "illusory" as it accused the studio giant of misleading shareholders about its financing.

Paramount and Netflix have been in a race to win control of Warner Bros. After Warner Bros accepted the streaming giant's offer, Paramount launched a hostile offer to outdo that bid.

In a letter to shareholders on Wednesday, the Warner Bros board wrote that Paramount had "consistently misled" them by saying its $30-per-share cash offer was fully guaranteed, or "backstopped," by the Ellison family, led by billionaire and Oracle co-founder Larry Ellison.

The board said it found Paramount's offer "inferior" to the merger agreement with Netflix. Netflix's $27.75 per share cash-and-stock offer for Warner Bros' unit is a binding agreement that requires no equity financing and has robust debt commitments, the board wrote.

Paramount accused Warner Bros of hiding behind a "cloud of obfuscation" and said its all-cash bid provides more certainty against the "market fluctuations" than Netflix's cash-and-stock offer.

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