Warner Bros. Discovery Rejects Paramount’s $108 Billion Hostile Bid

Warner Bros. Discovery has urged shareholders to reject Paramount’s $108 billion hostile takeover bid, arguing the proposal lacks financing certainty and carries excessive risk.

In a letter to investors, WBD said Paramount has failed to provide a firm and unconditional funding commitment from the Ellison family, despite repeated assurances.

The company said Paramount’s offer relies on an opaque revocable trust and allows key terms, including price, to be changed during a lengthy regulatory review. WBD’s board described the proposal as illusory and said it exposes shareholders to significant downside.

Warner Bros. Discovery advises shareholders to reject Paramount's hostile takeover bid.https://t.co/VTbRnnNlIP

— CNN Breaking News (@cnnbrk) December 17, 2025

WBD reaffirmed its support for a previously accepted $82.7 billion deal with Netflix, calling it superior and more certain. Netflix executives also wrote to shareholders, highlighting plans to preserve theatrical releases and the HBO brand.

Separately, WBD disclosed fresh details of past merger talks with other unnamed suitors in an SEC filing. The company said it remains confident the Netflix transaction delivers the best value and stability for shareholders.

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