Warner Bros Discovery rejects Paramount's $108.4B takeover bid
Big shake-up in Hollywood: Warner Bros Discovery just said "no thanks" to a massive $108.4 billion buyout offer from Paramount Skydance, calling it too risky and debt-heavy.
Instead, they're sticking with their already-announced merger with Netflix—a move that puts Netflix in charge of some of the world's biggest franchises like Harry Potter and DC.
What's in the Netflix deal?
Netflix is set to take over Warner Bros's movie and TV studios, HBO (and HBO Max), plus DC Studios for $27.75 per share—mostly cash, some stock—valuing the deal at $82.7 billion.
The plan also preserves the previously announced spin-off of Discovery Global, which is expected to be completed in 2026 and is not subject to review by the Committee on Foreign Investment in the United States (CFIUS).
Why did Paramount get rejected?
Paramount's bid was packed with debt ($54 billion) and restrictions that could've blocked future moves for Discovery Global, making it a tough sell for Warner Bros Discovery's board.
By turning it down, they're doubling down on Netflix—and shaking up who controls your favorite movies and shows going forward.