Paramount Stands By Hostile $108 Billion Takeover Bid For Warner Bros. Discovery Despite Rejection
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BreakingBusinessParamount Stands By Hostile $108 Billion Takeover Bid For Warner Bros.
Discovery Despite RejectionBySiladitya Ray,Forbes StaffandTy Roush,Forbes Staff.Follow AuthorsDec 17, 2025, 11:07am ESTDec 17, 2025, 11:16am ESTToplineParamount on Wednesday reaffirmed its $108 billion hostile takeover bid for Warner Bros. Discovery, which earlier insisted its shareholders reject the proposal in favor of Netflix. Warner Bros. Discovery urged its shareholders to reject Paramount Skydance's hostile $108 billion bid.Getty ImagesKey FactsIn a letter to shareholders, Warner Bros. Discovery said the David Ellison-led hostile offer was “inferior” to Netflix’s offer valuing its studio and streaming businesses at $27.75 per share.In the three-page letter, Warner Bros. Discovery chair Samuel DiPiazza said the board conducted another review of Paramount’s latest offer and determined it “remains inferior to the Netflix merger.”The letter added Paramount’s offer “provides inadequate value and imposes numerous, significant risks and costs on WBD” and includes a $40.65 billion equity offer for which “there is no Ellison family commitment of any kind.”Paramount disputed Warner Bros. Discovery’s statement to shareholders, arguing its offer of $30 a share for the company “clearly offers WBD shareholders superior value and certainty” and a “clear path to close” with regulators and that the Ellison family trust backs its offer.In a Securities and Exchange Commission filing, Netflix said it “welcomed” WBD’s recommendation and included a letter sent to WBD shareholders, in which Netflix said its offer to acquire the firm is “superior on multiple fronts.”How Did The Market React To Wbd Rejecting Paramount’s Offer?Shares of Paramount Skydance fell more than 4% after trading opened Wednesday, while Warner Bros. Discovery’s stock dropped 1%. Netflix’s shares jumped 2.5% following the letter, however, to around $97.Read MoreGot a tip? Share confidential information with Forbes.Editorial StandardsReprints & PermissionsLOADING VIDEO PLAYER...FORBES’ FEATURED Video