Warner Bros. board tells shareholders to reject Paramount offer in favor of Netflix

Andrea Amiel, Elizabeth Schulze, and Kevin Shalvey, ABC News

December 17, 2025

In this photo illustration a man holds a iPhone, that shows Netflix, Warner Bros and Paramount streaming apps on his phone screen on December 9, 2025 in Bristol, England. (Anna Barclay/Getty Images)

(NEW YORK) -- The board at Warner Bros. Discovery Inc. said early on Wednesday that its members had unanimously recommended that shareholders reject Paramount Skydance’s bid for the company in favor of Netflix’s earlier bid.

"Following a careful evaluation of Paramount's recently launched tender offer, the Board concluded that the offer's value is inadequate, with significant risks and costs imposed on our shareholders," Samuel A. Di Piazza, Jr., board chair, said in a statement.