Officials from Paramount Skydance Corp. have asserted that their $30-per-share offer to acquire Warner Bros. Discovery (WBD) is “superior” compared to a competing bid from Netflix. The statement came after WBD formally rejected Paramount’s proposal earlier in the week.
“Paramount’s offer is superior to WBD’s existing agreement with Netflix and represents the best path forward for WBD shareholders,” Paramount stated in a news release.
The company further commented, “Netflix’s transaction, on the other hand, contains multiple uncertain components and has already decreased in total value.”
Paramount detailed that when the Netflix deal was announced in December, it consisted of $23.25 in cash per share, $4.50 in Netflix stock, and a share in the pending spin-off of Discovery Global. However, according to Paramount, “Today, Netflix’s stock price is trading well beneath the low end of its collar, reducing the value offered to WBD shareholders.”
A guarantee backing Paramount’s offer comes from Larry Ellison, majority shareholder of National Amusements Inc., which is Paramount’s parent company.
WBD officials maintain that the Netflix proposal would provide greater benefits for shareholders but have not ruled out a possible increase from Paramount Skydance’s bid. On Wednesday, WBD described the Paramount Skydance offer as “inadequate” and said it “poses materially more risk for WBD and its shareholder” if it fails to close, while calling the Netflix offer more certain.
David Ellison, Chief Executive Officer at Paramount Skydance, responded: “our offer clearly provides WDB investors greater value and a more certain, expedited path to completion.”
Both companies are engaged in what amounts to a bidding war over WBD and HBO. HBO had initially accepted an offer from Netflix before Paramount Skydance presented its own bid.
Paramount Skydance continues to urge WBD shareholders to consider its $30-per-share proposal despite recommendations by the board of directors to support Netflix’s agreement.
This story was originally published January 8, 2026 at 5:34 PM.
