‘Largest LBO in history’: Warner rejects Paramount again, scoffing at $87 billion worth of debt in its $108 billion bid

Warner Bros. Discovery’s Board of Directors has again unanimously recommended that WBD stockholders reject the revised offer from Paramount Skydance (PSKY) announced December 22, 2025, and continues to recommend that stockholders approve the deal with Netflix, which said it welcomed Warner’s latest reaffirmation of their binding deal.

“The Board unanimously determined that the Paramount’s latest offer remains inferior to our merger agreement with Netflix across multiple key areas,” said Samuel A.