Warner Bros. Discovery Rejects Paramount Takeover

Warner Bros. Discovery (WBD) has rejected a takeover bid from Paramount Skydance for the eighth time. CEO David Zaslav sent a memo to employees explaining the decision. The Board of Directors reviewed the offer but decided to stick with the signed agreement with Netflix. Zaslav assured employees that operating plans remain unchanged. He encouraged focus and professionalism as the regulatory process continues.

Warner Bros. Discovery has rejected another takeover attempt by Paramount Skydance. This marks the eighth time the company has turned down an offer from David Ellison's group. The decision was communicated to staff via a memo sent by CEO David Zaslav on Wednesday morning.

Zaslav detailed that the WBD Board of Directors completed its consideration of the most recent proposal. Following a careful evaluation, the Board determined not to pursue the offer. The company released a statement regarding this decision. The rejection reinforces WBD's commitment to its current strategic direction.

The company is proceeding with its previously signed transaction agreement with Netflix. Zaslav explained that the Board's review was conducted with discipline and rigor. This review was supported by independent financial and legal advisors.

According to the memo, WBD believes the Netflix offer is still superior to the proposal from Paramount Skydance. The transaction with Netflix is subject to regulatory approvals and customary closing conditions. The regulatory review process is currently underway. During this period, the company will continue to operate the business and support its teams.

Zaslav urged employees to ignore external noise and focus on their work. 'What matters most right now is our focus as we start the year,' Zaslav stated in the memo. He emphasized that operating plans remain unchanged and priorities for 2026 are clear and intentional.

The company is moving forward with its slate across various sectors:

• Film
• Television
• Sports and News
• Streaming and Games

The 2026 Goals process is set to launch in February. Zaslav thanked staff for the focus, professionalism, and energy they bring to their work. He expressed confidence in the company's direction and the content being built for global audiences.

Warner Bros. Discovery remains firm in its decision to reject the Paramount Skydance bid. The company is prioritizing the completion of the Netflix transaction. Employees have been instructed to maintain high levels of professionalism as the regulatory review progresses. WBD enters the new year confident in its strategy and operational goals.