'Inferior And Risky': Warner Bros. Tells Shareholders To Shun Paramount Skydance Offer

Warner Bros. Discovery, Inc. (NASDAQ:WBD) on Wednesday urged shareholders to reject Paramount Skydance Corp.’s (NASDAQ:PSKY) tender offer, saying the bid is inferior to WBD’s signed merger agreement with Netflix (NASDAQ:NFLX).

The WBD board unanimously concluded the PSKY offer, launched Dec. 8, 2025, is not in shareholders’ best interests and does not qualify as a “Superior Proposal” under WBD’s merger agreement with Netflix, which was signed Dec. 4 and announced Dec. 5.

In a letter to investors, the board stated that it initiated a public review of strategic alternatives in October and engaged with multiple parties.

Related: Jared Kushner’s Affinity Partners Pulls Out Of Warner Bros. Takeover Fight: Report

The process culminated in the Netflix agreement after what it described as a competitive review with independent financial and legal advisors.

The board reiterated its support for the Netflix transaction and advised shareholders not ...

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'Inferior And Risky': Warner Bros. Tells Shareholders To Shun Paramount Skydance Offer

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