Warner Bros Discovery is set to recommend that shareholders reject Paramount Skydance’s $108.4 billion hostile takeover bid, sources say, in a major twist in the streaming wars.
The board’s formal advisory is expected on December 17, 2025.
Paramount’s all-cash $30-per-share offer, unveiled earlier this month, was meant to outshine Netflix’s $27.75-per-share cash-and-stock deal, which targets Warner’s film and TV studios along with HBO Max.
On paper, Paramount’s bid offers more, but the board has serious concerns over financing and deal certainty.
Those doubts intensified when Jared Kushner’s Affinity Partners pulled out on December 17, weakening Paramount’s backers and raising questions about the bid’s viability.
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Netflix’s deal, agreed earlier in December, is legally binding and considered lower risk by the board.
Rejecting Paramount would likely give Netflix the upper hand, though Paramount could still revise its offer or appeal to shareholders.
Control of Warner Bros , home to HBO hits and blockbuster franchises, remains one of the most sought-after prizes in the global streaming market.
Analysts say the fight could stretch into early 2026, influencing media consolidation and competition for years to come.