WBD Rejects Paramount Skydance's $108.4B Bid Citing Risks, Favors Netflix Deal

• Warner Bros. Discovery (WBD) board rejected Paramount Skydance's $108.4 billion revised acquisition bid on January 7, 2026.
• WBD cited inadequate value, lack of certainty, and significant risks associated with Paramount Skydance's proposal.
• The board unanimously found Paramount's offer inferior to its existing merger agreement with Netflix.
• Accepting Paramount's bid would incur $4.7 billion in termination fees and costs, unlike the Netflix deal.
• WBD shares fell 0.61% on Nasdaq, while Paramount Skydance shares rose 1.12% on Wall Street during premarket.

Why It Matters: WBD prioritizes shareholder value and risk mitigation by rejecting Paramount Skydance's bid for the Netflix merger.