Warner Bros Discovery Seen Rejecting $108 Billion Paramount Bid, Leaning Toward Netflix Deal

Warner Bros Discovery’s board is likely to recommend rejecting Paramount Skydance’s $108.4 billion bid, with a decision potentially announced as early as Wednesday, sources said. The board is expected to back Netflix’s competing buyout proposal, signaling another turn in the high-stakes contest for one of the world’s most valuable entertainment libraries.

At the center of the bidding war are Warner Bros’ film and television assets, including its historic studio, the HBO Max streaming platform, and a vast catalog spanning classics such as Casablanca and Citizen Kane to global franchises like Harry Potter and Friends. Control of those assets would provide a significant strategic edge in the intensifying streaming wars.

Netflix earlier this month put forward a $27 billion cash-and-stock offer for Warner Bros Discovery’s non-cable assets, emerging as the leading bidder. Paramount CEO David Ellison responded by taking his case directly to shareholders with an all-cash offer of $30 per share for the entire company, valuing the deal at $108.4 billion.

Paramount has argued in regulatory filings that its proposal is superior and would face fewer regulatory hurdles. The bid is backed by $41 billion in new equity, supported by the Ellison family and RedBird Capital, alongside $54 billion in debt financing from Bank of America, Citi, and Apollo. However, one financing partner, Jared Kushner’s Affinity Partners, has exited the transaction, according to Bloomberg.

A Warner Bros Discovery spokesperson declined to comment, while Paramount has not responded to requests for comment. As the board weighs its recommendation, investors are watching closely, aware that the outcome could determine who secures a decisive content advantage in an increasingly competitive global streaming landscape.