"Warner Bros. Discovery recommended on Wednesday that its shareholders reject Paramount's offer to buy the company and instead accept Netflix's offer. According to Warner Bros., a Netflix takeover would better serve both the company's interests and its audiences. In a letter to its shareholders, Warner Bros. called Paramount's offer "inferior," also adding it included "significant risks and costs" due to its reliance on borrowed funds. However, Netflix's offer is backed by a streaming giant worth more than $400 billion (340 billion)."
""We are confident that our merger with Netflix represents superior, more certain value for our shareholders," Warner Bros. said. Warner Bros. agreed to Netflix's 72-billion-dollar offer, which includes both cash and stocks, so that the latter would purchase its movie studios, as well as HBO's catalogue. Paramount's offer was labeled "inferior" by the Warner Bros. board [FILE: October 2025]Image: Mario Tama/Getty Images"
Warner Bros. Discovery recommended shareholders reject Paramount's acquisition proposal and accept Netflix's $72 billion cash-and-stock offer. The Warner Bros. board characterized Paramount's bid as inferior and said it posed significant risks and costs because of heavy borrowing. Netflix's bid is backed by a streaming company valued at over $400 billion and would transfer Warner's movie studios and HBO's catalogue to Netflix. Shareholders have until January 8 to respond. Regulators will review any accepted deal, and Warner Bros. must divest cable assets including CNN and Discovery before a potential Netflix purchase. Critics cite concerns about increased streaming market dominance.
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