Jacksonville, Florida, December 18, 2025
In a significant decision, Warner Bros. Discovery’s board has unanimously rejected a $108.4 billion hostile takeover bid from Paramount Skydance, opting instead for a $72 billion cash-and-stock offer from Netflix. The board’s preference for Netflix over Paramount was influenced by concerns regarding financial stability and regulatory uncertainties with Paramount’s bid, despite its higher cash offer. Shareholders are set to vote on January 8, 2026, making the outcome crucial for the future of Warner Bros. Discovery amidst a competitive media landscape.
Jacksonville, Florida – December 18, 2025
Warner Bros. Discovery’s board has unanimously rejected a $108.4 billion hostile takeover bid from Paramount Skydance, favoring a $72 billion cash-and-stock offer from Netflix. This decision marks a significant development in the ongoing bidding war for Warner Bros. Discovery.
Details of the Bidding War
Paramount Skydance proposed an all-cash offer of $30 per share, valuing Warner Bros. Discovery at approximately $108.4 billion. In contrast, Netflix’s offer stands at $27.75 per share, totaling $72 billion. Despite Paramount’s higher cash offer, Warner Bros. Discovery’s board has advised shareholders to support Netflix’s proposal, citing concerns over the financial stability and regulatory implications of Paramount’s bid. Paramount’s offer includes backing from investors such as Jared Kushner’s Affinity Partners and funds controlled by the governments of Saudi Arabia and Qatar.
Warner Bros. Discovery’s Position
The board of Warner Bros. Discovery has expressed reservations about Paramount’s financing structure, describing it as “illusory” and accusing Paramount of misleading shareholders regarding its financial guarantees. The board emphasized that Paramount’s offer lacks a solid financial guarantee from the Ellison family, instead relying on an opaque revocable trust. In contrast, Netflix’s proposal is seen as more stable, originating from a significantly larger company valued at over $400 billion.
Regulatory and Political Considerations
Both offers are subject to intense regulatory scrutiny. Paramount’s bid has attracted attention due to its foreign investment backing, raising concerns about media consolidation. Additionally, President Donald Trump has indicated potential opposition to Netflix’s deal, citing the size of the potential audience.
Next Steps
Shareholders of Warner Bros. Discovery are expected to vote on Paramount’s tender offer by January 8, 2026. The outcome of this vote will significantly influence the future direction of Warner Bros. Discovery and the broader media and entertainment landscape.
Background Context
The bidding war for Warner Bros. Discovery intensified when Paramount Skydance launched a hostile takeover bid on December 8, 2025, offering $30 per share in cash. This move challenged Netflix’s earlier proposal, which valued Warner Bros. Discovery at $72 billion. The competition between the two media giants underscores the strategic importance of Warner Bros. Discovery’s assets, including its film and television studios, streaming services, and cable networks.
Conclusion
The decision by Warner Bros. Discovery’s board to reject Paramount’s hostile bid in favor of Netflix’s offer highlights the complexities of high-stakes mergers and acquisitions in the media industry. As the situation develops, stakeholders will closely monitor the regulatory reviews and shareholder decisions that will ultimately determine the future of Warner Bros. Discovery.
Frequently Asked Questions (FAQ)
What is the current status of the bidding war for Warner Bros. Discovery?
As of December 18, 2025, Warner Bros. Discovery’s board has unanimously rejected a $108.4 billion hostile takeover bid from Paramount Skydance, favoring a $72 billion cash-and-stock offer from Netflix. Shareholders are expected to vote on Paramount’s tender offer by January 8, 2026.
Why did Warner Bros. Discovery’s board reject Paramount’s bid?
The board expressed concerns over the financial stability and regulatory implications of Paramount’s offer, describing it as “illusory” and accusing Paramount of misleading shareholders regarding its financial guarantees.
What are the next steps in the acquisition process?
Shareholders of Warner Bros. Discovery are expected to vote on Paramount’s tender offer by January 8, 2026. The outcome of this vote will significantly influence the future direction of Warner Bros. Discovery and the broader media and entertainment landscape.
Key Features of the Bidding War
| Feature | Paramount Skydance’s Offer | Netflix’s Offer |
|---|---|---|
| Offer Type | All-cash | Cash-and-stock |
| Offer Value | $30 per share, totaling $108.4 billion | $27.75 per share, totaling $72 billion |
| Assets Included | Entire Warner Bros. Discovery portfolio | Excludes cable networks like CNN and Discovery |
| Financial Backing | Investors including Jared Kushner’s Affinity Partners and funds from Saudi Arabia and Qatar | Netflix’s own financial resources |
| Regulatory Concerns | Potential issues due to foreign investment and media consolidation | Potential concerns over market dominance and audience size |
Deeper Dive: News & Info About This Topic
HERE Resources
Fifth Third Bank Supports Small Businesses with Grants
JAX Chamber Honors Local Entrepreneurs as Small Business Leaders
Paramount Skydance Launches $108.4 Billion Bid for Warner Bros. Discovery
Netflix’s $82.7 Billion Acquisition: A Major Shift in Entertainment
Author: STAFF HERE JACKSONVILLE WRITER
The JACKSONVILLE STAFF WRITER represents the experienced team at HEREJacksonville.com, your go-to source for actionable local news and information in Jacksonville, Duval County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Jacksonville Jazz Festival, Riverside Arts Market, and World of Nations Celebration. Our coverage extends to key organizations like the Jacksonville Chamber of Commerce and JAXUSA Partnership, plus leading businesses in logistics, healthcare, and entertainment that power the local economy such as CSX Corporation, Baptist Health, and VyStar Credit Union. As part of the broader HERE network, including HEREOrlando.com, HEREStPetersburg.com, HERETallahassee.com, and HERETampa.com, we provide comprehensive, credible insights into Florida's dynamic landscape.
