Netflix backs WBD board as it urges shareholders to reject Paramount Skydance bid
January 7, 2026 12.16 Europe/London By Julian Clover


Netflix has welcomed Warner Bros. Discovery’s board decision to stick with its merger agreement with the streamer, while continuing to recommend shareholders reject Paramount Skydance’s revised tender offer, amended on 22 December 2025.

In a statement issued today (Wednesday), Netflix co-CEOs Ted Sarandos and Greg Peters said WBD’s board had reaffirmed that the Netflix transaction is the “superior proposal” following a review with independent advisers.

Under the terms announced on 5 December 2025, Netflix plans to acquire WBD’s film and TV studios plus HBO Max and HBO in a cash-and-stock deal valued at $72.0 billion (€61.61 billion).

The agreement preserves WBD’s planned separation of its Global Linear Networks unit into Discovery Global, which WBD expects to complete in Q3 2026, ahead of the Netflix deal closing. On Monday, NBC confirmed the separation of most of its cable networks into a separate entity known as Versant Media.

Netflix said it is engaging with competition authorities including the US Department of Justice and the European Commission, with closing still targeted for 12–18 months from signing.