Warner Bros. Discovery’s board has declined to approve Paramount Skydance’s proposal to acquire the group, valued at $108.4 billion, Reuters reports. In a message to investors, Warner Bros. management urged shareholders not to accept Paramount’s offer to buy shares at $30 apiece and not to withdraw from the current deal with Netflix.
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Paramount’s offer remains valid until January 8, 2026. However, the board’s letter stresses that the company has, in its assessment, repeatedly misled shareholders and that the transaction itself entails a range of significant and difficult-to-predict risks.
“We are confident that a merger with Netflix represents a more attractive and reliable path for our shareholders,”the document says.