Warner Bros Discovery (Cheng Xin / Getty Images)
Warner Bros. Discovery’s board is expected to recommend that shareholders reject Paramount Skydance’s $108.4 billion takeover bid, according to reports, with a formal decision possibly coming as early as Wednesday. The move is the latest twist in a fast-moving and unusually public battle over one of the most valuable collections of media assets in the world.
At the center of the contest is Warner Bros. Discovery’s sprawling portfolio, which includes the historic Warner Bros. film and television studio, HBO, and the HBO Max streaming platform. The studio’s library spans nearly a century of entertainment, from classics such as Casablanca and Citizen Kane to global franchises like Harry Potter and long-running television hits including Friends. Control of those assets would give any buyer a powerful position as competition intensifies across the streaming and media landscape.
The bidding war has escalated rapidly over the past several weeks. Earlier this month, Netflix appeared to gain the upper hand after reaching an agreement with Warner Bros. Discovery on a $27 billion cash-and-stock deal for the company’s non-cable assets. That proposal was seen by some investors as a way for Warner Bros. Discovery to unlock value while reducing regulatory risk by avoiding a full-scale merger, as per Reuters.
Paramount Skydance chief executive David Ellison quickly countered by bypassing the board and appealing directly to shareholders. He put forward an all-cash offer of $30 per share for the entire company, valuing Warner Bros. Discovery at roughly $108.4 billion. Paramount has argued in regulatory filings that its bid is superior to Netflix’s proposal and would face fewer antitrust hurdles.
To support the offer, Paramount lined up substantial financing. The deal includes $41 billion in new equity, backed by the Ellison family and RedBird Capital, alongside $54 billion in debt commitments from Bank of America, Citi, and Apollo. Paramount has emphasized that the financing is fully committed, positioning the offer as both credible and executable.
Despite that, Warner Bros. Discovery’s board appears unconvinced. Advising shareholders to reject the bid would signal that directors believe the company’s long-term value is better served by remaining independent or pursuing alternative transactions. It would also raise the stakes for Paramount, which could still attempt to press forward with a hostile takeover if shareholders are persuaded by the higher cash price.
Complicating matters further, Jared Kushner’s Affinity Partners, which had previously been linked to Paramount as a financing partner, is reportedly stepping away from the bidding process. The withdrawal removes a high-profile backer and may add to concerns about the durability of Paramount’s offer, even as the company insists its financing remains intact.
Neither Warner Bros. Discovery nor Paramount offered immediate public comment. A spokesperson for Warner Bros. Discovery declined to address the reports, while Paramount and Affinity Partners did not respond to requests for comment.
Beyond financial considerations, politics has also entered the equation. As part of his effort to secure support from the Trump administration, Ellison has reportedly made direct overtures to White House officials. According to the Wall Street Journal, Ellison traveled to Washington in recent days and told administration figures that he would make “sweeping changes” at CNN, the cable news network that has frequently drawn criticism from Donald Trump.
Ellison’s pitch was aimed at easing potential political resistance to the deal by signaling a shift in editorial direction at one of the administration’s most scrutinized media outlets. CNN is part of Warner Bros. Discovery’s cable news portfolio and has long been a flashpoint in debates over media bias and influence.
The revelation underscores how high the stakes have become in the fight for Warner Bros. Discovery. What began as a strategic debate over streaming scale and asset value has evolved into a complex showdown involving shareholders, regulators, financiers, and political power brokers.
If the board formally recommends rejection, shareholders will soon face a clear choice between a higher all-cash offer and the board’s vision for the company’s future. Either way, the outcome is likely to reshape the media industry and redefine the balance of power in the ongoing battle for streaming dominance.
About the Author
