Warner Bros. Discovery's board of directors has recommended that shareholders vote against Paramount Skydance's offer and consider an alternative deal with Netflix.
Management believes that a merger with Netflix would provide a broader audience, strengthen content distribution, and create better conditions for the company's long-term growth.
Warner Bros. called Paramount Skydance's offer "insufficiently substantiated" and risky. The company also expressed concern that statements could mislead shareholders about financial guarantees from billionaire Larry Ellison's family.
Paramount Skydance is offering $30 per share (valuing the business at $108.4 billion), while Netflix values Warner Bros.'s film and streaming assets at $27.75 per share ($82.7 billion), excluding cable television.
Shareholders will make the final decision. The vote has not yet been scheduled, but it could take place in the spring or summer of 2026.
