Warner Bros. Discovery on Wednesday firmly rejected Paramount’s hostile takeover offer, citing that Netflix’s proposed merger provides superior value and aligns better with the company’s long-term strategic goals.
The entertainment giant stated that Paramount’s proposal “fails to address key concerns” despite multiple previous attempts, reinforcing Warner Bros.’ confidence in the Netflix merger as the best option for shareholders.
Netflix announced on December 5 that it had reached an $83 billion agreement to acquire Warner Bros. Discovery, marking the largest consolidation deal in the entertainment sector this decade.
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Just three days later, Paramount launched an all-cash bid valued at $108.4 billion, attempting to outmaneuver Netflix and secure control over the studio and its vast media assets, including CNN.
US President Donald Trump expressed interest in ensuring CNN receives new ownership as part of Warner Bros.’ sale, continuing his long-standing disputes with the news outlet and influencing the corporate discussions.
Industry analysts say the rejection highlights intense competition in Hollywood, with streaming platforms and media conglomerates vying for dominance, while Warner Bros. Discovery remains committed to the Netflix merger for stability and strategic growth.