Warner Bros Recommends Investors Reject Paramount’s Offer in Favor of Netflix’s

BURBANK, CALIFORNIA – SEPTEMBER 12: An American flag flies at Warner Bros. Studio on September 12, 2025 in Burbank, California. Media giant Paramount Skydance is reportedly preparing a bid to purchase Warner Bros. Discovery, including its movie studio and cable networks. (Photo by Mario Tama/Getty Images)

NEW YORK (AP) — Warner Bros. Discovery is telling shareholders to reject an unsolicited takeover bid from Paramount Skydance, saying an offer from Netflix will be better for them and customers. The Warner board said in a letter to shareholders on Wednesday that Paramount’s “inferior” offer carried “significant risks and costs,” in large part because it relies heavily on borrowed money – whereas the Netflix offer is backed by a company worth more than $400 billion. While the letter to shareholders means Paramount’s offer is not the one favored by Warner’s board, shareholders have the ultimate say.