Warner Bros Discovery’s board is expected to advise shareholders to vote against Paramount Skydance’s $108.4 billion takeover bid, with a decision potentially announced as early as Wednesday, according to sources familiar with the matter. Instead, the company is likely to reaffirm its support for Netflix’s buyout offer, marking another twist in a high-stakes battle for premium media assets.
The outcome would reinforce Netflix’s position in the intensifying streaming wars, granting it access to Warner Bros’ prized film and television library, spanning classics such as Casablanca and Citizen Kane to modern franchises including Harry Potter and Friends, as well as the HBO Max streaming platform. A Warner Bros Discovery spokesperson declined to comment. In premarket trading, Warner Bros Discovery shares fell 1.3%, while Netflix rose 1.8% and Paramount slipped 0.7%.
Netflix earlier secured a $27 billion cash-and-stock deal for Warner Bros’ non-cable assets. Paramount CEO David Ellison subsequently appealed directly to shareholders with a $30-per-share, all-cash offer for the entire company, arguing in regulatory filings that the bid is superior and faces fewer regulatory hurdles. Paramount said the offer is backed by $41 billion in new equity from the Ellison family and RedBird Capital, alongside $54 billion in debt commitments from Bank of America, Citi, and Apollo.
