BUSINESS

Warner Bros Board Rejects Paramount, Reaffirms Netflix Deal

PUBLISHED Jan 7, 2026, 10:44 AM ET

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LOS ANGELES — Warner Bros Discovery's board rejected Paramount Skydance's revised $108.4 billion bid Wednesday and reaffirmed its continuing support for Netflix's $82.7 billion merger agreement. The board told shareholders the Paramount offer relied on an extraordinary amount of debt financing, described a $30-per-share cash plan that would leave the company with $87 billion in acquisition-related debt, and said it posed heightened closing risks. Chair Samuel A. Di Piazza Jr. recommended shareholders approve the Netflix transaction, stating it provides greater certainty and protections. The board voted against the Paramount proposal on Jan. 6. Based on 6 articles reviewed and supporting research.

By Michael Grant | JQJO News

Timeline of Events

Netflix and Warner Bros Discovery entered a merger agreement prior to the rival offer.
Paramount Skydance amended its tender offer on Dec. 22, 2025, raising its bid to $108.4 billion.
The Warner Bros Discovery board reviewed the revised $30-per-share cash proposal and financing plan.
On Jan. 6, the board voted against the Paramount proposal, citing excessive debt and closing risk.
On Jan. 7, the board sent a letter urging shareholders to reject Paramount and approve Netflix.

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Who Benefited

Netflix benefited by securing the board's recommendation and greater transactional certainty for its proposed $82.7 billion merger, strengthening its position to acquire Warner Bros Discovery's content library and studio assets.

Who Impacted

Paramount Skydance suffered a setback when Warner Bros Discovery's board rejected its amended $108.4 billion tender offer, citing excessive debt financing and heightened closing risk, and advised shareholders to reject the proposal.

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