December 17, 2025 07:12 PM IST
First published on: Dec 17, 2025 at 06:02 PM IST
Comments
Print
Share
Whatsapp
twitter
Facebook
Warner Bros Discovery's operations include Warner Bros Entertainment, Turner Entertainment, DC Comics, Hanna-Barbera and The Cartoon Network. (Image: Reuters)
Warner Bros. has asked shareholders to reject a takeover bid from Paramount Skydance, saying that a rival bid from Netflix will be better for customers.
What Warner Bros. said
“We strongly believe that Netflix and Warner Bros. joining forces will offer consumers more choice and value, allow the creative community to reach even more audiences with our combined distribution, and fuel our long-term growth,” Warner Bros. said Wednesday.
“We made this deal because their deep portfolio of iconic franchises, expansive library, and strong studio capabilities will complement—not duplicate—our existing business.”
Paramount’s hostile bid
Paramount went hostile with its bid last week, asking shareholders to reject the deal with Netflix favoured by the board of Warner Bros.
Paramount is offering $30 per Warner share to Netflix’s $27.75. Paramount’s bid isn’t off the table altogether.
While Wednesday’s letter to shareholders means Paramount’s is not the offer favored by the board at Warner Bros., shareholders can still decide to tender their shares in favor of Paramount’s offer for the entire company, including cable stalwarts CNN and Discovery.
Unlike Paramount’s bid, the offer from Netflix does not include buying the cable operations of Warner Bros. An acquisition by Netflix, if approved by regulators and shareholders, will close only after Warner completes its previously announced separation of its cable operations.
Why Paramount went hostile
Paramount has claimed it made six different bids that Warner leadership rejected before announcing its deal with Netflix on December 5. Only after that did it take its offer directly to Warner’s shareholders.
A change in ownership at Warner would drastically reshape the entertainment and media industry — impacting movie making, consumer streaming platforms and, in Paramount’s case, the news landscape.
Story continues below this ad
Critics of Netflix’s deal say that combining the massive streaming company with Warner’s HBO Max would give it overwhelming market dominance, whereas the Paramount+ streaming service is far smaller. Bids from both Netflix and Paramount have raised alarm for what they could mean for film and TV production.
While Netflix has agreed to uphold Paramount’s contractual obligations for theatrical releases, critics have pointed to its past business model and reliance on online releases. Yet Paramount and Warner Bros. are two of the “big five” legacy studios left in Hollywood today.
Share
Warner Bros Discovery's operations include Warner Bros Entertainment, Turner Entertainment, DC Comics, Hanna-Barbera and The Cartoon Network. (Image: Reuters) 
