Warner Bros. Discovery says no to Paramount's $30B takeover, leans toward Netflix deal

Business Dec 17, 2025

Warner Bros. Discovery has turned down a $30-per-share buyout offer from Paramount Skydance—after Paramount Skydance claims it made six different bids.
Instead, the board is backing an acquisition by Netflix, which was announced earlier this month.

Why does it matter?

This isn't just about big numbers—who owns your favorite shows might change soon.
Paramount Skydance put together a massive $108 billion bid with help from big investors, but Warner Bros. Discovery thinks teaming up with Netflix offers more value for fans and creators.
There are also political ties and antitrust concerns in play, making this one of the most-watched media shakeups right now.