Warner Bros. Discovery to Reject Paramount's $108.4 Billion Takeover Bid

Warner Bros. Discovery is poised to recommend that its shareholders reject Paramount Skydance's $108.4 billion all-cash takeover bid, according to sources familiar with the matter. The board is expected to advise shareholders against the offer, citing concerns over financing and other terms, and instead support a competing proposal from Netflix.

Paramount Skydance's bid, announced on December 8, 2025, aimed to acquire all outstanding shares of Warner Bros. Discovery at $30 per share. The offer was backed by a consortium including the Ellison family, RedBird Capital, and major banks.

In a related development, Affinity Partners, the private equity firm founded by Jared Kushner, has withdrawn its financial backing from Paramount's bid. A representative for Affinity stated, "With two strong competitors vying to secure the future of this unique American asset, Affinity has decided no longer to pursue the opportunity."

Warner Bros. Discovery had previously agreed to sell its film and streaming businesses to Netflix in a deal valued at $82.7 billion. The board's forthcoming recommendation to reject Paramount's offer underscores its commitment to the existing agreement with Netflix.

The outcome of this bidding war is expected to significantly impact the competitive landscape of the streaming industry, as control over Warner Bros. Discovery's extensive content library remains a highly sought-after asset.