Paramount Skydance Announces Proposal to Acquire Warner Bros. Discovery

Summary

On December 8, 2025, Paramount Skydance Corporation announced its proposal to acquire all outstanding shares of Warner Bros. Discovery for $30 per share in cash, arguing that this offer provides superior value and a more certain and quicker path to completion compared to the proposed merger with Netflix. The offer is fully backed by debt from Bank of America, Citi, and Apollo, and equity from the Ellison Family and RedBird Capital. Paramount claims that its proposal offers WBD shareholders a clearer, more valuable, and expeditious transaction with no sub-scale, highly leveraged entity resulting from the deal.