9 months ago
Warner Bros. Rejects Paramount, Prefers Netflix Merger
Warner Bros.
is saying no to a big offer from Paramount because they think it's not as good as Netflix's offer.
Paramount wants to buy Warner Bros.
for $108 billion, but Warner Bros.
thinks that deal has too many problems.
Netflix is offering $82 billion, and Warner Bros.
likes this better because Netflix is a strong company and won't have as many money problems.
Warner Bros.
also doesn't like that Paramount's deal is supported by people close to President Trump.
Netflix's leaders even visited Warner Bros.
to talk about the merger and promised to keep releasing Warner Bros.
movies in theaters.
Warner Bros.
is asking its shareholders to choose Netflix instead of Paramount.
Warner Bros. rejects Paramount's $108 billion hostile takeover bid, favoring a merger with Netflix.
Netflix's offer is $82 billion, backed by a company worth over $400 billion, while Paramount's offer is seen as risky due to heavy borrowing.
Warner Bros. board unanimously voted to side with Netflix, citing significant risks and costs in Paramount's offer.
Paramount's deal is backed by the Ellison family, who have ties to President Donald Trump, raising concerns about future editorial control.
Netflix co-CEOs Ted Sarandos and Greg Peters visited Warner Bros. studios to discuss the merger and address concerns about theatrical releases.
- Who
- Warner Bros., Paramount Skydance, Netflix
- What
- Warner Bros. rejects Paramount's hostile takeover bid and favors a merger with Netflix
- Where
- United States of America (USA)
- When
- December 17, 2025
- Why
- Warner Bros. believes a merger with Netflix will offer more consumer choice, value, and long-term growth opportunities, and sees significant risks in Paramount's offer
Key facts
- Warner Bros. Proposed Merger Partner
- Netflix
- Paramount Skydance Offer Price
- $108 billion
- Netflix Offer Price
- $82 billion
- Warner Bros. Operations
- Warner Bros Entertainment, Turner Entertainment, DC Comics, Hanna-Barbera, Cartoon Network
- Paramount Skydance Bid Status
- Hostile takeover bid
- Warner Bros. Statement Date
- December 17, 2025
- Location
- United States of America (USA)
- Paramount CEO
- David Ellison
- Netflix Co-CEOs
- Ted Sarandos and Greg Peters
Timeline
Netflix slashes stock price, luring suitors.
Then, it tables cash-heavy bid for Warner Bros Discovery.
Paramount counters with hostile takeover bid.
Warner Bros. rebuffs Paramount, eyes Netflix merger.
Warner Bros. urges shareholders: Reject Paramount, embrace Netflix.
Quotes
Warner Bros. Discovery’s board
The governing body of Warner Bros. Discovery
“Paramount’s $30-per-share cash offer did not include a 'full backstop' or a complete guarantee by the Ellison family, led by Donald Trump’s ally and the billionaire co-founder of Oracle, Larry Ellison. A 'full and unconditional financing commitment' from the Ellison family had been a key WBD requirement for a potential agreement to be realised.”
indianexpress.com
“The Netflix merger is a 'binding agreement with enforceable commitments' made by a public company with a market cap exceeding $400 bn. This agreement necessitated no equity financing or robust debt commitments.”
indianexpress.com
Netflix
A global streaming and production company
“The agreed-upon transaction with Netflix is the right deal, with the right partner, at the right time.”
indianexpress.com
David Zaslav
CEO of Warner Bros. Discovery
“The split would give WBD’s brands the 'sharper focus and strategic flexibility they need to compete most effectively in today’s evolving media landscape'.”
indianexpress.com
Bill Baer
Former head of the antitrust division during the Obama administration
“The notion that the president might have already picked a winner and a loser before any investigation has even begun is highly problematic and presents [Gail Slater, the DoJ head] with a formidable challenge.”
indianexpress.com
Sources
Warner Bros to reject Paramount’s massive $108 billion bid. Why the battle isn’t over
Mystery ‘American media company’ wanted to buy Warner Bros Discovery at $25 billion in cash, new filing shows
Warner Bros Discovery Rejects Paramount Skydance's $108.4 Billion Hostile Takeover Bid, Netflix Welcomes Move
Warner Bros Discovery board rejects takeover bid from Paramount
Warner Bros Discovery rejects Paramount's hostile takeover bid, calls merger with Netflix 'superior'
Warner Bros Recommends Investors Reject Paramount's Offer in Favor of Netflix's
Why does Netflix want to buy Warner Bros. for $ 83 billion? Why has it sent shockwaves in Hollywood?
Netflix CEO Ted Sarandos visits Warner Bros studio after Paramount’s $108 billion ‘hostile’ takeover deal’s rejected
Warner Bros Urges Shareholders To Reject Paramount’s Hostile Takeover Bid, Backs Netflix Deal
