Overview
- Paramount Skydance’s $30-per-share all-cash tender remains open to Warner Bros. Discovery shareholders with a stated response deadline of January 8, 2026.
- In a letter to investors, the board said Paramount misled shareholders about having a full Ellison family backstop, pointing instead to an opaque revocable trust that does not provide unconditional funding.
- Warner Bros. Discovery has a binding agreement to sell the Warner Bros. studio and HBO/HBO Max to Netflix at an $82.7 billion enterprise value, a structure the company says carries fewer execution risks than a full-company sale.
- Netflix co-CEOs Ted Sarandos and Greg Peters visited the Burbank lot with CEO David Zaslav, meeting staff in a visible show of support after the board’s rejection of Paramount’s bid.
- Further deal steps include expected shareholder votes on the Netflix transaction next year, ongoing regulatory reviews, potential revisions to Paramount’s tender, and reported buyer interest in the linear networks that would be spun off.