Warner Bros. Discovery Rejects Paramount Skydance's Latest Hostile Takeover Bid

CBS Los Angeles

Updated on: January 8, 2026

Warner Bros. Discovery's board of directors on Wednesday rejected Paramount Skydance's revised hostile bid, saying that its terms are inferior to Warner's $82.7 billion merger agreement with Netflix.

"Our binding agreement with Netflix will offer superior value at greater levels of certainty, without the significant risks and costs Paramount's offer would impose on our shareholders," Warner Bros. Discovery's board said in a statement.

The rebuff is the second from Warner Bros. Discovery of Paramount Skydance's efforts to acquire the storied studio, which has produced films such as "Casablanca" and the "Harry Potter" franchise and owns cable networks including CNN and TNT.

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