Warner Bros. Discovery Rebuffs Paramount and Presses Ahead With Netflix Deal

Overview

• Warner Bros. Discovery’s board formally rejected Paramount Skydance’s hostile $108.4 billion, $30‑per‑share bid, citing inadequate financing and elevated risk.
• Directors reaffirmed support for Netflix’s roughly $82.7 billion cash‑and‑stock agreement focused on studios and HBO Max, with linear cable operations slated for a separate entity, pending shareholder and regulatory approvals.
• Paramount Skydance disputed the rejection and said it will keep pursuing the transaction, with its offer remaining open until January 8, 2026.
• Netflix chiefs Ted Sarandos and Greg Peters met with Warner leadership at the Burbank lot and reiterated plans to keep Warner Bros. films in theaters with a traditional window.
• People familiar with discussions say hedge fund Standard General is exploring a potential purchase of CNN and other cable‑TV assets as WBD considers separating its linear networks.