On Wednesday, Warner Bros. Discovery’s board announced it would recommend shareholders reject a hostile takeover bid from Paramount Skydance and its controlling shareholders, the Ellison family.
Board Decision
The board’s statement said the Paramount Skydance offer was “not in the best interests of WBD and its shareholders.” Chair Samuel Di Piazza added that the offer “once again fails to address key concerns that we have consistently communicated to Paramount throughout our extensive engagement and review of their six previous proposals.”
Commitment to Netflix
Instead of entertaining the bid, Warner Bros. Discovery reaffirmed its intention to proceed with the previously announced sale of its studio, HBO, and HBO Max to Netflix. The company said the “terms of the Netflix merger are superior” and that the deal is in the best interest of shareholders.
Paramount’s Bid
Paramount launched a hostile takeover bid valued at more than $108 billion for all of Warner Bros. Discovery. The bid was made just days after Warner Bros. Discovery announced plans to sell some of its prized assets to Netflix.
Funding Sources
In a filing, Paramount said its bid would be backed in part by funds from Saudi Arabia, Qatar, and the United Arab Emirates. The bid was led by David Ellison.
Ellison Family Involvement
David Ellison’s father, Larry Ellison, chairman of Oracle and a multi‑billionaire, pledged to help backstop Paramount’s Warner bid. Larry Ellison is also close to the Trump administration.
Trump’s Criticism
In recent days, President Donald Trump criticized both Paramount and its new owners, the Ellisons. On Tuesday, Trump said, “For those people that think I am close with the new owners of CBS, please understand that 60 Minutes has treated me far worse since the so‑called ‘takeover’ than they have ever treated me before.” He added, “If they are friends, I’d hate to see my enemies!” on Truth Social.
Netflix’s Reaction
Netflix welcomed Warner Bros. Discovery’s rejection of the Paramount bid. Co‑CEO Ted Sarandos said, “The Warner Bros. Discovery Board reinforced that Netflix’s merger agreement is superior and that our acquisition is in the best interest of stockholders.” He added, “This was a competitive process that delivered the best outcome for consumers, creators, stockholders, and the broader entertainment industry.”
Lack of Response from Paramount
Paramount did not immediately respond to NBC News’ request for comment.
Opposition and Withdrawal
On Tuesday, Jared Kushner’s private‑equity firm withdrew from a group of funds that had said they would support the Paramount bid for Warner Bros. Discovery with funding. SAG‑AFTRA and the Writers’ Guild of America both released a statement opposing the proposal. Karma Dickerson reported for the NBC4 News at 5 p.m. on Friday, Dec. 5, 2025.
Key Takeaways
- Warner Bros. Discovery’s board recommends rejecting Paramount Skydance’s $108 billion takeover bid.
- The company will proceed with its sale of studio, HBO, and HBO Max to Netflix, citing superior terms.
- Paramount’s bid is backed by Saudi Arabia, Qatar, and the UAE and led by David Ellison, with support pledged by his father, Larry Ellison.
The story remains developing, and updates will follow as the situation evolves.
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