On December 17, 2025, Warner Bros. Discovery’s board of directors formally rejected the hostile acquisition offer from "Paramount Skydance Corporation". They stated again clearly that they will agree the deal with Netflix, The Paramount hostile bid was labeled as "inadequate" by Warner’s board and they say that this bid is filled with financing and execution risk. Warner’s board said the Netflix agreement represents superior, more certain value for shareholders with fewer conditions and risks, urging shareholders to reject the Paramount offer and approve the Netflix merger.
Is Netflix Winning?
At this stage, Netflix is effectively winning the battle. The Board of Directors of WB have recommended that its stockholders will approve the Netflix acquisition over a rival hostile bid from Paramount. But, the deal is not yet finalized and to wrapping up this deal could take about 12 to 18 months. Which means, the closing of this deal is expected between December 2026 and mid-2027. Although the Paramount tender offer remains open until early January and could be extended or sweetened, the board’s public rejection makes the Netflix deal the front-runner for now.
Paramount Responded?
After the board’s rejection, Paramount did not immediately change its stance in the official filings, but the company earlier indeed sent a letter to Warner Bros. shareholders arguing that its all-cash offer represents a better value and faster path to completion than the Netflix deal. Paramount also encouraged the shareholders to tender their shares to express support for its hostile bid proposal. However, the board is actively advising shareholders to reject the offer and some financing backers have withdrawing support. Paramount's next moves could include revising their offer, extending the tender deadline, or maybe pursuing legal or regulatory avenues to challenge the Netflix agreement. There's no public indication yet of a formal escalation beyond its shareholder letter.
I think that the strategic battle for Warner Bros. Discovery has shifted decisively in favor of Netflix, at least for now. Netflix’s acquisition would combine one of the world’s largest streaming platforms with a storied Hollywood studio and valuable franchises, creating new competitive leverage in the global media market. What do you guys think about the rejection of Paramount hostile bid? Will Netflix win this bidding? Let us know your own thoughts in the comments.