On December 17, 2025, the board of directors at Warner Bros. Discovery issued a unanimous recommendation to shareholders, urging them to reject the acquisition bid from Paramount SkyDance. The board argued that the offer undervalues the company, carries substantial risks and costs, and does not align with the best interests of Warner Bros. Discovery or its shareholders.

Meanwhile, Warner Bros. Discovery reiterated its support for Netflix's acquisition proposal, expressing confidence that it would provide shareholders with greater and more assured value. Earlier, Netflix had struck a deal with Warner Bros. Discovery to acquire its film and television studios, along with its streaming media operations, at a price of $27.75 per share, amounting to an overall valuation of roughly $82.7 billion.

In stark contrast, Paramount SkyDance's hostile takeover bid is set at $30 per share, with a total valuation of $108.4 billion. However, this offer is accompanied by additional termination fees and poses regulatory review risks. Warner Bros. Discovery is set to call a shareholder meeting in the near future, where the final decision on the matter will be disclosed.