Paramount Takes $30 per Share Bid for Warner Bros. to Shareholders After Board Rejects Talks

The Paramount logo is displayed on the water tower at Paramount Studios in Los Angeles on Dec. 8, 2025. Mario Tama/Getty ImagesParamount Skydance Corporation on Jan. 8 took its $30-per-share all-cash bid for Warner Bros. Discovery (WBD) directly to shareholders, escalating a takeover fight after WBD’s board rebuffed further engagement and urged investors to back a rival deal with Netflix.In a statement, Paramount said WBD’s refusal to engage followed months of discussions and came despite Paramount amending its proposal to address financing and execution concerns, including an irrevocable personal guarantee from billionaire Larry Ellison backing the equity portion of the offer.