Warner Bros. Discovery&rsquo;s board is expected to take a final call as early as Wednesday on Paramount&rsquo;s $108.4 billion takeover proposal, with indications that the board may recommend shareholders vote against the offer, according to people familiar with the matter.
Instead, the media conglomerate is likely to reaffirm its support for Netflix&rsquo;s competing bid, marking another major turn in an intense bidding battle for one of the world&rsquo;s most valuable entertainment portfolios. The assets at stake include Warner Bros&rsquo; iconic film and television studio, an extensive library spanning classics such as Casablanca and Citizen Kane, and modern franchises like Harry Potter and Friends, along with premium brands HBO and the HBO Max streaming service.
The outcome of the contest is being closely watched, as control of Warner Bros&rsquo; deep content library is expected to offer a significant strategic edge in the ongoing global streaming wars.
Earlier this month, Netflix emerged as the frontrunner with a $72 billion cash-and-stock bid focused on Warner Bros. Discovery&rsquo;s non-cable assets. The deal was widely viewed as a strong strategic fit, strengthening Netflix&rsquo;s content dominance while avoiding some of the regulatory complexities tied to a full corporate takeover.
Following Netflix&rsquo;s move, Paramount chief executive David Ellison took his offer directly to Warner Bros. Discovery shareholders, proposing an all-cash bid of $30 per share for the entire company. Paramount has maintained that its offer is superior and would face fewer regulatory hurdles. The proposal is backed by $41 billion in new equity funding from the Ellison family and RedBird Capital, along with $54 billion in debt commitments from major financial institutions.
However, Paramount&rsquo;s bid has faced setbacks. One of its key financing partners, Jared Kushner&rsquo;s Affinity Partners, has exited the bidding process, potentially weakening the overall funding structure of the offer.
With the board now expected to back Netflix&rsquo;s proposal, the decision could reshape the competitive landscape of global entertainment and streaming, consolidating one of the industry&rsquo;s most storied libraries under a single dominant platform.

A drone view shows The Warner Bros. studio lot in Burbank, California

Board expected to back Netflix offer over Paramount’s $108.4 billion takeover bid

Warner Bros Likely to Reject Paramount Bid

Board expected to back Netflix offer over Paramount’s $108.4 billion takeover bid

December 17, 2025 | 15:11 IST