Warner Bros Discovery urges shareholders to reject Paramount’s $108.4bn takeover bid

Wed, 17 Dec 2025

After WBD accused Paramount of misleading investors, the network assured it had ‘all necessary financing’ for the deal

Warner Bros Discovery has urged shareholders to reject a $108.4bn hostile takeover offer from Paramount Skydance, branding it “inadequate” amid an extraordinary corporate battle to control the legacy media conglomerate.

WBD agreed to sell its storied movie studios, HBO cable network and streaming service to Netflix in a $82.7bn deal earlier this month, setting the stage for a seismic shift in Hollywood’s industrial landscape.

This article was amended on 17 December 2025 to include comment from Paramount and its chair, David Ellison