Warner Bros Discovery Acknowledges Paramount’s Hostile Takeover Bid To Acquire Company

As noted before, Warner Bros Discovery has been seeking a sale of their company since this past October and announced last week that Netflix had the winning bid for it. Netflix officially announced their acquisition deal for WBD this past Friday. Paramount Skydance announced earlier today that they have launched a hostile takeover bid to acquire WBD in response to Netflix’s acquisition attempt. WBD is the current media broadcast partner of AEW.

WBD issued an official statement earlier today confirming Paramount’s hostile takeover bid offer for the entire company.

Official press release:

Warner Bros. Discovery Confirms Receipt of Paramount Skydance Unsolicited Tender Offer

NEW YORK, Dec. 8, 2025 /PRNewswire/ — Warner Bros. Discovery, Inc. (“Warner Bros. Discovery” or “WBD”) (NASDAQ: WBD) today confirmed Paramount Skydance Corporation (“Paramount Skydance”) (NASDAQ: PSKY) has commenced an unsolicited tender offer to acquire all of the outstanding shares of Warner Bros. Discovery common stock.

The Warner Bros. Discovery Board of Directors (the “Board”), consistent with its fiduciary duties and in consultation with its independent financial and legal advisors, will carefully review and consider Paramount Skydance’s offer in accordance with the terms of Warner Bros. Discovery’s agreement with Netflix, Inc. (“Netflix”).

The Board is not modifying its recommendation with respect to the agreement with Netflix. Warner Bros. Discovery intends to advise its stockholders of the Board’s recommendation regarding Paramount Skydance’s tender offer within 10 business days.

Warner Bros. Discovery stockholders are advised not to take any action at this time with respect to Paramount Skydance’s proposal.

Allen & Company, J.P. Morgan and Evercore are serving as financial advisors to Warner Bros. Discovery and Wachtell Lipton, Rosen & Katz and Debevoise & Plimpton LLP are serving as legal counsel.