The Warner Bros. Discovery (WBD) board is expected to advise shareholders to reject Paramount’s all-cash $108.4 billion takeover offer as early as Wednesday, signaling the company’s recommitment to the competing Netflix buyout
December 17, 2025: The protracted bidding war for Warner Bros. Discovery appears to be nearing its conclusion, with sources indicating that the WBD board is poised to recommend against the superior cash offer put forth by Paramount CEO David Ellison.
The decision would reaffirm WBD’s preference for Netflix’s $72 billion cash-and-stock bid for Warner Bros.’ non-cable assets, a move that would provide a significant advantage to Netflix in the ongoing streaming wars by locking up WBD’s deep content library. This library includes highly valuable assets like Warner Bros.’ storied film and TV studio, HBO, the HBO Max streaming service, and popular franchises such as Harry Potter and Friends.
A Warner Bros Discovery spokesman declined to comment on the matter.
Paramount’s All-Cash Challenge
Paramount’s $108.4 billion offer directly addressed WBD shareholders, proposing a $30-a-share, all-cash bid for the entire company.
In regulatory filings, Paramount argued that its bid was financially superior to Netflix’s and would enjoy a clearer path to regulatory approval. Paramount’s offer was heavily financed, backed by $41 billion in new equity from the Ellison family and RedBird Capital, and $54 billion of debt commitments from major financial institutions including Bank of America and Citi.
However, the competition saw a recent change as Jared Kushner’s Affinity Partners, one of Paramount’s original financing partners, is reportedly exiting the bidding battle, according to Bloomberg. Paramount and Affinity Partners did not immediately respond to Reuters’ request for comment.
The impending board decision is expected to mark the final twist in the high-stakes contest for one of the media world’s most extensive and valuable content portfolios.