Singapore – Warner Bros. Discovery (WBD) is expected to advise its shareholders to reject an unsolicited takeover bid from Paramount Skydance, according to sources cited by Reuters. The proposed offer, valued at roughly $108.4 billion, is considered hostile, as it was made directly to shareholders rather than through negotiations with WBD’s board.
Instead, the board is likely to endorse a previously agreed deal with Netflix, which involves a combination of cash and stock to acquire WBD’s streaming and studio assets. While the Netflix agreement is valued at approximately $72 billion, sources say WBD’s leadership sees it as a more certain and strategically aligned transaction.
Paramount’s offer, which included an all-cash bid of $30 per share for all of WBD, covered the company’s full portfolio, including cable networks such as CNN and TNT. Despite the higher headline value, the board has reportedly expressed concerns about the financing and regulatory risks of the Paramount deal.
The potential withdrawal of key backers, including Affinity Partners — a private equity firm led by Jared Kushner — has further complicated Paramount’s campaign. Sources suggest the board is weighing deal certainty, execution risk, and regulatory considerations as part of its recommendation.
The ongoing bidding war between Paramount and Netflix underscores the intense competition in the media sector, where legacy studios are seeking scale to compete in a streaming-dominated market. A Netflix-led acquisition would combine WBD’s content, including HBO and Warner Bros., with Netflix’s global streaming platform, significantly reshaping the industry landscape.
WBD has not yet publicly announced its decision, and Paramount may still attempt to revise or extend its offer. The board’s recommendation is expected to be disclosed in the coming days.
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