According to people familiar with the matter, the board could make its recommendation as early as Wednesday and is expected to urge shareholders to vote against Paramount Skydance’s $108.4 billion offer. Such a move would signal renewed support for Netflix’s competing bid and mark another sharp turn in a takeover saga that has drawn in some of the biggest names in media and finance.
At the center of the contest is Warner Bros’ iconic studio and its vast library of content, spanning Hollywood classics such as Casablanca and Citizen Kane to modern franchises and television mainstays including Harry Potter, Friends, HBO, and the HBO Max streaming service. Control of these assets is widely seen as a decisive prize in the increasingly competitive streaming landscape, where scale and depth of content remain critical advantages.
Netflix emerged earlier this month with a $27 billion cash-and-stock offer for Warner Bros Discovery’s non-cable assets, a bid that positioned the streaming giant as the early frontrunner. Paramount’s chief executive, David Ellison, responded by taking his case directly to shareholders with a $30-per-share, all-cash proposal for the entire company, seeking to outflank Netflix with a richer valuation.
In regulatory filings, Paramount has argued that its bid is superior and would face fewer regulatory hurdles. 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. However, the financing group has recently shifted, with Jared Kushner’s Affinity Partners—previously one of Paramount’s backers—now exiting the race, according to Bloomberg.
Warner Bros Discovery declined to comment on the ongoing deliberations. Paramount and Affinity Partners did not immediately respond to requests for comment.
As shareholders await guidance from the board, the outcome remains uncertain. What is clear is that whoever prevails will secure a formidable arsenal of content, potentially reshaping the balance of power in the global streaming wars.