Warner Bros. says "no thanks" to Paramount's $108 billion bid
Warner Bros. Discovery's board has recommended that shareholders reject a massive $108 billion takeover offer from Paramount Skydance, calling it "inadequate" and reaffirming its commitment to the "superior" value of their current deal with Netflix (which is already worth $82.7 billion).
Basically, they cited concerns about valuation, strategic fit, and deal certainty.
What went wrong with Paramount's pitch?
Paramount put up an all-cash offer at $30 per share for everything Warner owns—including cable networks that Netflix plans to spin off.
Even Oracle co-founder Larry Ellison personally backed $40.4 billion of the deal, but Warner's board still didn't buy it.
What's next for streaming?
If Netflix and Warner Bros. merge, they'd control about a third of US streaming—enough to get regulators' attention.
Netflix says YouTube is just as big a player, but antitrust questions are looming.
Plus, President Trump has publicly said he'll be involved in deciding what happens, so this could drag on for over a year and reshape what you see on your favorite platforms.