Warner Bros. Discovery Acknowledges Paramount Skydance's Acquisition Proposal

In a notable development within the media and entertainment industry, Warner Bros. Discovery, Inc. (WBD) has confirmed the receipt of an unsolicited tender offer from Paramount Skydance Corporation. This strategic move marks a significant moment in the ongoing evolution of media consolidation. As outlined in the company's official statement on December 8, 2025, Paramount Skydance has proposed to acquire all outstanding shares of Warner Bros. Discovery common stock.

Board’s Consideration of the Offer

The Board of Directors of Warner Bros. Discovery is committed to fulfilling its fiduciary duties while evaluating this unsolicited bid. In light of the proposal, the Board will meticulously review and assess the implications of the offer in cooperation with its independent financial and legal advisors. This careful consideration will occur in conjunction with existing obligations under WBD's agreement with Netflix, Inc.

Despite the unsolicited offer from Paramount Skydance, Warner Bros. Discovery has reaffirmed its ongoing partnership with Netflix, suggesting that the Board is unlikely to alter its current strategic direction based on this recent development. The Board plans to communicate its formal recommendation regarding the tender offer to its shareholders within the next 10 business days, ensuring transparency throughout the process.

Advisory for Shareholders

In light of the tender offer, shareholders of Warner Bros. Discovery are advised to refrain from taking any immediate action concerning the proposal from Paramount Skydance. The information provided thus far is preliminary, and the Board will offer more concrete recommendations once the evaluation process is completed.

Financial Advisory Team

On the financial front, Warner Bros. Discovery is being advised by multiple esteemed firms, including Allen Company, J.P. Morgan, and Evercore, who will assist in navigating the complexities of this unsolicited offer. Legal counsel is being provided by renowned firms Wachtell Lipton, Rosen Katz, and Debevoise Plimpton LLP, ensuring that all legal considerations are adequately addressed as the Board evaluates this significant offer.

About Warner Bros. Discovery

Warner Bros. Discovery stands as a leading global player in media and entertainment, recognized for its diverse portfolio that spans television, film, streaming, and gaming. Its array of iconic brands like HBO Max, CNN, and Discovery Channel exemplifies its influence on audiences worldwide. The company’s commitment to quality content and innovative storytelling keeps it at the forefront of the industry, as it navigates through this new chapter involving potential acquisitions.

Shareholder Communication and Future Steps

As part of the ongoing communication strategy, Warner Bros. Discovery plans to file a solicitation/recommendation statement regarding the tender offer with the Securities and Exchange Commission (SEC) within 10 business days. This filing will provide detailed information and insights, allowing investors and security holders to make informed decisions moving forward.

Affected stakeholders are encouraged to keep an eye on developments related to both the tender offer and Warner Bros. Discovery’s established agreements, particularly with Netflix, to stay abreast of changes that could impact their investments.

Forward-Looking Statements

It is crucial for investors to note that the information presented in the announcement includes forward-looking statements related to the ongoing negotiations and potential outcomes of the tender offer. The actual results may differ significantly based on several factors, including regulatory approvals, market conditions, and shareholder responses. Stakeholders are advised to review all relevant documents and communications from WBD and stay updated through the company's investor relations platforms.

In conclusion, as the media landscape continues to evolve, the potential acquisition of Warner Bros. Discovery by Paramount Skydance poses significant implications for the industry and its stakeholders. The coming weeks promise to provide further clarity on this unfolding situation, as business leaders consider the best paths forward in a competitive marketplace.