The board of Warner Bros Discovery is expected to decide as early as Wednesday on Paramount Skydance’s takeover proposal, according to sources familiar with the matter. The board is likely to advise shareholders to vote against the offer, signaling a preference for an alternative deal.
Read More: Netflix to acquire Warner Bros Discovery for $72bn
A decision to recommit to Netflix’s buyout offer would mark another major twist in the intensifying battle for Warner Bros Discovery’s assets. These include its renowned film and television studio, a vast content library, HBO, and the HBO Max streaming service.
Warner Bros Discovery’s portfolio spans decades of entertainment history, featuring classics such as Casablanca and Citizen Kane alongside modern franchises like Harry Potter and hit series Friends. Control of these assets is seen as a strategic advantage in the increasingly competitive global streaming market.
Breaking news: Paramount has launched a $108bn hostile bid to buy Warner Bros Discovery, in an attempt to outmanoeuvre Netflix after the streaming giant won an auction for the media company last week. https://t.co/ew4m1FZ0Pd pic.twitter.com/Fk1FVT3YHR
— Financial Times (@FT) December 8, 2025
A company spokesperson for Warner Bros Discovery declined to comment on the ongoing discussions. Industry analysts note that whichever bidder prevails would gain a significant edge by securing exclusive access to one of the deepest content libraries in the industry.
Netflix earlier this month emerged as a leading contender after submitting a cash-and-stock offer for Warner Bros Discovery’s non-cable assets, according to regulatory disclosures. The proposal positioned Netflix strongly as it seeks to expand its content ownership amid intensifying competition.
Just in: Warner Bros Discovery is planning to recommend to its shareholders that they reject Paramount’s $108bn hostile bid. WBD is planning to outline four major criticisms of Paramount’s offer in its filing. https://t.co/uRpvttZ3Sd pic.twitter.com/Hqj7jhprBC
— Financial Times (@FT) December 16, 2025
Following that development, Paramount CEO David Ellison reportedly approached Warner Bros Discovery shareholders directly with an all-cash offer for the entire company. Paramount has stated in filings that its proposal is superior and may face fewer regulatory hurdles.
Paramount’s bid is backed by new equity from the Ellison family and RedBird Capital, alongside significant debt commitments from major financial institutions. However, Bloomberg reported that Affinity Partners, led by Jared Kushner, has exited the financing group.
Read More: Netflix to acquire Warner Bros Discovery for $72bn
Neither Paramount nor Affinity Partners immediately responded to requests for comment. The unfolding decision is being closely watched as a defining moment in the evolving streaming and media consolidation landscape.