Warner Bros. Discovery Says No To Paramount Bid

The board of Warner Bros. Discovery has again rejected a revised hostile takeover bid from Paramount, saying the offer remains inferior to its existing deal with Netflix.

In a letter to shareholders, the board said Paramount’s proposal carries excessive risk because it relies on more than $50 billion in new debt, likening it to a leveraged buyout that could collapse under financing strain.

Warner Bros. Discovery has turned down the latest acquisition offer by David Ellison’s Paramount Skydance, and WBD’s board is continuing to back the company’s deal with Netflix. https://t.co/P0rvJJnHKu

— Variety (@Variety) January 7, 2026

The board said Netflix’s agreement offers greater certainty and less financial exposure.

Paramount, led by CEO David Ellison, has argued its $30 per share offer is superior and has pointed to backing from billionaire Larry Ellison. However, Paramount did not raise its bid above that level.

Warner Bros. Discovery Officially Rejects Paramount's Revised Offer, Stands by Netflix Deal https://t.co/aNdmJZrPBN

— The Hollywood Reporter (@THR) January 7, 2026

WBD is proceeding with a plan to spin off its cable networks, including CNN, into a separate public company later this year.

Paramount now must decide whether to raise its offer, walk away, or seek a shareholder vote.

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