Warner Bros. has again told its shareholders to go with the deal with Netflix and not the offer from Paramount.
Netflix has bid to buy Warner Bros. streaming and studio portions for an equity value of $72 billion, while Paramount had offered $77.9 billion for the entire company in a proposal that was taken to shareholders, The Associated Press reported.
Warner Bros. Discovery said on Wednesday that the offer from Paramount was not in the best interest of the company or shareholders, pushing for Netflix’s offer.
Netflix would take over just the studio and streaming platforms, including legacy TV, movie production and HBO Max, spinning off cable operations and news, while Paramount will take over the entire business, including CNN and Discovery, the AP reported.
Because it was a hostile offer by Paramount, taking it directly to shareholders, they can reject the board’s recommendations and take the deal, CNN reported.
No matter which deal is signed, the U.S. Justice Department will likely review it due to antitrust rules. The DOJ could allow, block or request changes. Other countries may also challenge the deal, the AP reported.
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