The battle for Warner and the value of each offer grows complicated because Netflix and Paramount want different things.
The Paramount Pictures water tower is seen in Los Angeles, Thursday, Dec. 18, 2025, with the Hollywood sign in the distance. A Netflix sign is displayed atop a building in Los Angeles, Thursday, Dec.
18, 2025, with the Hollywood sign in the distance. This image released by Warner Bros. Pictures shows Leonardo DiCaprio in a scene from “One Battle After Another.” This image released by Warner Bros Pictures shows Michael B. Jordan, foreground from left, Michael B. Jordan and Omar Benson Miller in a scene from “Sinners.” The Paramount Pictures water tower is seen in Los Angeles, Thursday, Dec. 18, 2025, with the Hollywood sign in the distance. NEW YORK — Warner Bros. again rejected a takeover bid from Paramount and told shareholders Wednesday to stick with a rival offer from Netflix. Warner’s leadership has repeatedly rebuffed Skydance-owned Paramount’s overtures — and urged shareholders just weeks ago to back its the sale of its streaming and studio business to Netflix for $72 billion. Paramount, meanwhile, has made efforts to sweeten its $77.9 billion hostile offer for the entire company.’47 Ronin’ director Carl Rinsch facing 90 years for scamming Netflix of $11 millionWarner Bros. Discovery said Wednesday that its board determined Paramount’s offer is not in the best interests of the company or its shareholders. It again recommended shareholders support the Netflix deal. “Paramount’s offer continues to provide insufficient value, including terms such as an extraordinary amount of debt financing that create risks to close and lack of protections for our shareholders if a transaction is not completed,” Warner Bros. Discovery Chair Samuel Di Piazza Jr. said in a statement. In contrast, he added, the company’s agreement with Netflix “will offer superior value at greater levels of certainty.” Paramount did not immediately respond to a request for comment. The company’s hostile bid is still on the table. Warner shareholders currently have until Jan. 21 to “tender” their shares.from Oracle founder Larry Ellison — who is the father of Paramount CEO David Ellison — to back $40.4 billion in equity financing for the company’s offer. Paramount also increased its promised payout to shareholders to $5.8 billion if the deal is blocked by regulators, matching Netflix’s breakup fee. In its Wednesday letter to shareholders, Warner expressed concerns about a potential deal with Paramount. Warner said it essentially considers the offer a leveraged buyout, which includes a lot of debt, and also pointed to operating restrictions that it said were imposed by Paramount’s offer and could “hamper WBD’s ability to perform” throughout a transaction. The battle for Warner and the value of each offer grows complicated because Netflix and Paramount want different things. Netflix’s proposed acquisition includes only Warner’s studio and streaming business, including its legacy TV and movie production arms and platforms like HBO Max. But Paramount wants the entire company — which, beyond studio and streaming, includes If Netflix is successful, Warner’s news and cable operations would be spun off into their own company, under aalong the way. Due to its size and potential impact, it will almost certainly trigger a review by the U.S. Justice Department, which could sue to block the transaction or request changes. Other countries and regulators overseas may also challenge the merger. Politics are also expected to come into play under PresidentDear Abby: I’ve been told never to speak to the soon-to-be-ex, and I don’t think that’s rightDear Abby: As long as my son-in-law has this house rule, I won’t visit. Am I in the wrong?'He broke': 93-year-old Fremont man told police he spent month planning to kill wife, docs sayDear Abby: I didn't sign on to raise this child. What are my options?East Bay steel plant property bought for more than $200 million
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