Warner Bros. Discovery has confirmed receipt of an amended unsolicited tender offer from Paramount Skydance and will carefully review it. The offer, valued at $30 per share, addresses prior concerns but does not increase the monetary bid. This development comes amid WBD's existing agreement to sell assets to Netflix.
Warner Bros. Discovery (WBD) announced on December 23, 2025, that it has received an amended tender offer from Paramount Skydance, the sixth such bid from the entity. The company stated it "will carefully review and consider" the proposal "consistent with its fiduciary duties and in consultation with its independent financial and legal advisors."
The amended offer seeks to acquire all of WBD's outstanding shares for $30 each in cash, matching the value of the previous bid unanimously rejected by WBD's board. That earlier hostile tender offer, launched directly to shareholders on December 8, was deemed to provide "inadequate value and imposed numerous significant risks and costs on WBD and its stockholders," according to WBD. The board also noted it did not qualify as a "Superior Proposal" under WBD's merger agreement with Netflix, which involves selling its studio and streaming assets following a recent auction.
While the new offer does not raise the price, it responds to concerns raised by WBD, led by CEO David Zaslav. Key changes include a $40.4 billion personal equity financing guarantee from Larry Ellison, co-founder of Oracle and father of Paramount CEO David Ellison; an enhanced $5.8 billion breakup fee; and greater financial flexibility during the interim period. Previously, the financing was backed only by the Ellison Family Revocable Trust, which WBD viewed as too risky in an SEC filing.
Gerry Cardinale, founder of RedBird Capital and a partner in Paramount Skydance, described the trust issue as a "red herring" in a CNBC interview, adding, "we took it off the table. It is now off the table."
WBD advised shareholders not to act on the offer yet, with the tender deadline set for January 21, 2026. The board will update its recommendation after completing the review and has not altered its stance on the Netflix deal.
