On December 17, 2025, the Warner Bros. Discovery (WBD) board of directors unanimously rejected a $108.4 billion hostile takeover bid from Paramount Skydance (a combined entity led by David Ellison). Instead of accepting this all-cash offer of $30 per share, the board reaffirmed its commitment to a competing merger agreement with Netflix, valued at approximately $82.7 billion (or $27.75 per share).
