WBD Expected to Reject Latest Paramount Bid

Warner Bros. Discovery is expected to reject an amended $108.4 billion hostile takeover bid from Paramount Skydance, even though billionaire Larry Ellison has provided a personal guarantee backing the all-cash offer, according to a person familiar with the matter.

The bid, which values Warner Bros. Discovery at $30 per share and targets the entire company—including its iconic studio, HBO, streaming services, and cable networks like CNN and Discovery—aims to disrupt a competing $82.7 billion cash-and-stock deal with Netflix for key assets. Paramount Skydance, controlled by David Ellison (son of Oracle co-founder Larry Ellison), sweetened its proposal last week with Ellison's irrevocable personal guarantee of approximately $40.4 billion in equity financing, addressing prior board concerns about funding certainty.

Despite this enhancement, Warner Bros. Discovery's board views the Netflix agreement as offering greater "deal certainty" with lower execution risks, cleaner financing, and reduced regulatory hurdles. The board has previously criticized Paramount's offer as "illusory" due to perceived financing gaps and has urged shareholders to reject it. Rejecting Paramount's bid would avoid triggering a potential $2.8 billion breakup fee owed to Netflix.

The potential Paramount merger would create a media powerhouse larger than Disney, raising significant antitrust concerns from lawmakers on both sides. President Donald Trump has indicated he plans to weigh in personally on the deal. Warner Bros. Discovery's board is set to meet next week to formally review the amended proposal, though no final decision has been made.

The development marks the latest twist in a high-stakes battle for one of Hollywood's legendary studios, as streaming giants and traditional media players vie for scale amid industry consolidation.