Warner Bros. Discovery (NASDAQ:WBD) has announced that its Board of Directors has unanimously rejected the tender offer launched by Paramount Skydance (NASDAQ:PSKY) on December 8, 2025.
The board determined that the offer did not meet the criteria of a "Superior Proposal" under the terms of its merger agreement with Netflix (NASDAQ:NFLX), which was announced on December 5, 2025.
The Warner Bros. Discovery board reiterated its support for the Netflix merger, advising shareholders to reject Paramount Skydance's offer.
In a statement, Samuel A. Di Piazza, Jr., Chair of the Board, emphasized that Paramount’s tender offer fails to address key concerns raised by the company and imposes significant risks and costs on shareholders.
The board believes that the merger with Netflix presents superior and more certain value for Warner Bros. Discovery's shareholders.
"We are confident that our merger with Netflix represents the best path forward, delivering greater value and stability," said Di Piazza.
"The Paramount offer is inadequate and once again does not address our long-standing concerns."
In conjunction with the announcement, the Warner Bros. Discovery Board sent a letter to its shareholders detailing its recommendation and providing clarity on why the Netflix merger remains the most beneficial course of action for the company.