Warner Bros. Discovery Board Rejects Paramount Takeover, Backs $72B Netflix Deal

Warner Bros. Discovery’s board of directors has once again recommended that shareholders reject a renewed hostile takeover offer from Paramount Global, signaling continued confidence in a previously announced $72 billion deal with Netflix.

In a statement to investors, the board concluded that Paramount’s bid is inferior to Netflix’s proposed acquisition, which would include Warner Bros. Discovery’s studio and streaming businesses. The deal would place some of the entertainment industry’s most valuable assets under Netflix’s control, including film studios, television production operations, and a major streaming platform.

The board reaffirmed its position despite Paramount strengthening its offer with guaranteed financial backing tied to Skydance Media and billionaire Larry Ellison. That backing had been a point of contention during Paramount’s earlier attempt to acquire Warner Bros. Discovery, raising questions at the time about the certainty and structure of the proposed financing.

According to the board, the Netflix agreement offers clearer value, greater certainty of completion, and a stronger strategic fit for the company’s long-term future. Directors emphasized that the Netflix deal provides shareholders with superior consideration compared to Paramount’s proposal.

Paramount has not publicly indicated whether it plans to further revise its bid following the board’s latest recommendation. Meanwhile, Netflix remains positioned as the leading suitor for Warner Bros. Discovery, potentially marking one of the largest and most consequential media deals in recent history.

If finalized, the acquisition would significantly reshape the global entertainment and streaming landscape, consolidating iconic studios and content libraries under Netflix as competition among major media companies continues to intensify.

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