Warner Bros. Discovery turns down the most recent aggressive offer from Paramount Skydance

Warner Bros. Discovery Rejects Paramount Skydance's Latest Takeover Proposal

The board of Warner Bros. Discovery announced on Wednesday that it has unanimously declined the updated acquisition offer from Paramount Skydance. The board stated that the terms of this proposal fall short when compared to Warner Bros. Discovery’s existing $82.7 billion merger agreement with Netflix.

According to the board, the binding deal with Netflix provides shareholders with greater value and more certainty, while avoiding the considerable risks and expenses that would come with Paramount Skydance’s offer.

This marks the second time Warner Bros. Discovery has turned down Paramount Skydance’s attempts to acquire the company. Warner Bros. Discovery, known for producing classics like “Casablanca” and the “Harry Potter” series, also owns major cable channels such as CNN and TNT.

Paramount Skydance, which is the parent company of CBS News, controls Paramount studios and cable networks including Comedy Central and Nickelodeon.

Back in December, Warner Bros. Discovery dismissed a previous hostile bid from Paramount Skydance, citing the absence of direct support from the Ellison family.

In response, Paramount Skydance returned with a revised proposal that featured a personal guarantee from Oracle co-founder Larry Ellison—father of Paramount Skydance CEO David Ellison—offering $40.4 billion in equity funding.

Despite this, Warner Bros. Discovery again rejected the offer on Wednesday, emphasizing that the Paramount Skydance bid would introduce substantial debt and expose the combined company to significant financial and operational uncertainties, especially when compared to the Netflix merger.

Paramount Skydance has not yet issued a public response to the latest decision.

This story is ongoing and will be updated as new information becomes available.

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