Warner Bros. Discovery Board Backs Netflix Deal, Rejects Paramount Skydance Bid

Overview

• In a company press release, the board unanimously reaffirmed support for a merger with Netflix and urged shareholders to turn down Paramount Skydance’s $108 billion tender.
• Directors said the Dec. 8 tender from Paramount Skydance fails to qualify as a superior proposal under the Netflix agreement announced on Dec. 5.
• Netflix previously disclosed terms valuing Warner Bros. Discovery at $27.75 per share, or about $72 billion in equity value, with an enterprise value near $82.7 billion.
• Paramount Skydance has argued its proposal is more attractive, criticized Netflix’s terms as complex and uncertain, and said it will take its case directly to shareholders and the board.
• Regulatory review remains a key hurdle, with prior reporting noting President Donald Trump signaled he would participate in the decision process under antitrust law.