Warner Bros. Discovery Rejects Paramount Bid, Recommends Netflix Deal

Warner Bros. Discovery's Board of Directors unanimously recommends rejecting Paramount Skydance's revised $108 billion bid, citing insufficient value and excessive debt financing. The board favors Netflix's $82.7 billion offer, which preserves WBD's planned separation of Discovery Global. Paramount's offer includes a personal guarantee from Larry Ellison and a consortium of Middle Eastern investors, but the WBD board views it as riskier than Netflix's offer.