January 07, (THEWILL) — Warner Bros. Discovery (WBD) has again rejected Paramount’s bid to buy the company, urging shareholders to stick with its Netflix merger.
In a statement on Wednesday, January 7, 2026, WBD said its board decided Paramount’s latest offer was not in the best interest of the company or its shareholders and reaffirmed its commitment to the Netflix deal.
Paramount, backed by Skydance Media, has tried multiple times to acquire Warner Bros. Discovery. Its $108.4 billion hostile bid was rejected by the board, which called it “risky” due to heavy reliance on debt to complete the deal.
WBD said shareholders should support the $82.7 billion Netflix deal, first announced in December 2025, under which Netflix would take over Warner Bros.’ film and TV studios, HBO, and streaming platforms.
Paramount has tried to strengthen its offer by getting backing from Oracle founder, Larry Ellison, and offering more to shareholders. But WBD says the Netflix deal is safer and simpler, focusing on movies, TV shows, and streaming content.
Both deals are expected to face regulatory review in the U.S. and abroad because of their size and impact on the media industry.
For now, Warner Bros. Discovery remains committed to Netflix, viewing it as the safer option focused on entertainment content, rather than a full takeover by Paramount.
Evi Ben Ezaga writes on entertainment, culture, and trending stories.
