Overview
- The board unanimously recommended opposing Paramount Skydance’s $30-per-share, roughly $108.4 billion hostile offer and supporting Netflix’s approximately $82.7–83 billion agreement.
- Netflix’s plan would acquire Warner Bros. studios, HBO and HBO Max, while WBD’s linear cable networks such as CNN and TNT Sports would be spun off into a separate company.
- In a letter to investors, WBD flagged missing capital commitments from the Ellison family, reliance on a revocable trust, and “gaps and legal holes,” and noted Affinity Partners has withdrawn from the Paramount financing.
- Netflix reiterated that Warner Bros. films would retain traditional theatrical windows and argued the combination benefits creators, consumers and the broader entertainment business.
- Shareholders are expected to vote in spring or summer 2026 after regulatory reviews that could run 12–18 months, and Paramount may still seek to revise its bid as regulatory and political scrutiny, including comments from President Trump, continues.