Paramount vs Netflix for WBD: Board Says “NO” (Financing Drama Explodes)

Warner Bros. Discovery just dropped the corporate equivalent of a diss track.
This morning, WBD’s board told shareholders to reject Paramount Skydance’s $30/share all-cash hostile tender offer and doubled down on the Netflix cash+stock deal (~$27.75/share)—calling Paramount’s offer “inferior” and hammering the financing, including questions about the “backstop” tied to a revocable trust.

Meanwhile, Netflix immediately welcomed the board’s recommendation and is pushing stockholders to stay the course.

In this video, we break down:
• Why WBD is choosing deal certainty over a bigger headline number
• What Netflix really wants (the crown jewels) vs what Paramount wants (the whole enchilada)
• The tender offer timeline (yes, there’s a clock on this)
• Not financial advice. Just entertainment + receipts.

Sources:
• Reuters (Dec 17, 2025)
• Financial Times (Dec 17, 2025)
• Netflix press statement / letter to WBD stockholders (Dec 17, 2025)
• Paramount investor release on tender offer terms (Dec 8, 2025)
• SEC filing / Offer to Purchase terms incl. expiration time (Jan 8, 2026 @ 5pm NYC)
• Associated Press coverage (Dec 17, 2025)

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