Paramount Global said Thursday it will not raise its $30 per share takeover bid for Warner Bros. Discovery, pushing back after WBD rejected the offer as inadequate. Paramount said its proposal offers greater value than WBD’s existing agreement to sell Warner Bros. and HBO assets to Netflix, a deal that excludes cable networks such as CNN.
WBD’s board has argued the Netflix transaction provides more certainty and less risk for shareholders, comparing Paramount’s bid to a leveraged buyout that could fail.
Warner Bros has rejected Paramount's acquisition bid for the eighth time
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The board says they need to offer more money to reconsider its deal with Netflix
(via @Business | @THR) pic.twitter.com/nFl7VUimoh
Paramount countered that the implied value of the Netflix deal is about $27.42 per share, well below its all-cash offer.
Paramount CEO David Ellison said the offer delivers superior value and a faster path to completion.
Analysts say Paramount could still raise its bid, but for now WBD continues to stand behind the Netflix agreement as the preferred option.
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