Paramount Skydance’s David Ellison Says Their $30 Bid Tops Netflix for Warner Bros. Discovery

Paramount Skydance is continuing its push to convince Warner Bros. Discovery shareholders that its takeover offer is the better choice, even after WBD’s board rejected the proposal for a second time this week.

The company, led by David Ellison, has offered $30 per share in an all-cash deal, but WBD has recommended selling the company’s studios and HBO Max to Netflix instead.

In a statement Thursday, Paramount said the board’s decision shows it is “not engaging on Paramount’s $30.00 per share, fully financed all-cash offer to acquire all of WBD.” Paramount Skydance, created after David Ellison’s Skydance Media acquired Paramount Global, emphasized that it has addressed all concerns raised by WBD so far.

“Our offer clearly provides WBD investors greater value and a more certain, expedited path to completion,” Ellison said. “Throughout this process, we have worked hard for WBD shareholders and remain committed to engaging with them on the merits of our superior bid and advancing our ongoing regulatory review process.”

Paramount argued that the Netflix deal is riskier for WBD shareholders. When Netflix first proposed its $83 billion acquisition in December, it included $23.25 in cash per share, $4.50 in Netflix stock, and a stake in the planned spin-off of Discovery Global.

Paramount claims the deal has lost value as Netflix’s stock has fallen, reducing the total offer to $27.42 per share. According to Paramount, the proposed Discovery Global spin-off might have little or no value for shareholders.

Under the Netflix agreement, the company would acquire Warner Bros.’ film and TV studios, HBO, HBO Max, and its games division. This deal is expected to close after WBD spins off Discovery Global in the third quarter of 2026, which will include CNN, TBS, HGTV, Food Network, and Discovery+.

Analyst Laurent Yoon from Bernstein & Co. noted that while Paramount could raise its bid slightly, it might only trigger more back-and-forth. He said Netflix appears determined to move forward and has the financial resources that even Larry Ellison, who personally guarantees Paramount’s offer, would struggle to match.

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