WASHINGTON (dpa-AFX) - Warner Bros. Discovery (WBD) said its Board has unanimously determined that the tender offer launched by Paramount Skydance (PSKY) on December 8, 2025 is not in the best interests of Warner Bros. Discovery and its shareholders and does not meet the criteria of a Superior Proposal under the terms of WBD's merger agreement with Netflix. The Warner Bros. Discovery Board unanimously reiterated its recommendation in support of the Netflix combination and recommended that WBD shareholders reject PSKY's offer.
Samuel Di Piazza, Jr., Chair of the Warner Bros. Discovery Board, stated: 'This 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.'
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