News Desk (MNN); Warner Bros Discovery, the studio behind major franchises such as Game of Thrones, Harry Potter, and DC Comics’ superheroes Batman and Superman, has rejected Paramount Skydance’s latest offer to acquire the company. Despite this, Warner Bros Discovery has allowed seven days for Paramount Skydance to submit its “best and final offer.”
In a letter to the Paramount board, Warner Bros Discovery Chairman Samuel DiPiazza Jr and CEO David Zaslav stated that Paramount’s bid is unlikely to surpass the value of the proposed merger with Netflix. Reports indicate that Paramount Skydance is considering a new offer of thirty-one dollars per share.
Warner Bros shareholders are scheduled to vote on the Netflix merger on March twentieth. Netflix confirmed that the deal has reached a key milestone, with shareholders expected to vote next month. Netflix added that while their transaction offers superior value and certainty, Paramount Skydance’s actions have caused distraction among Warner Bros shareholders and the broader entertainment industry.
Paramount has claimed that Warner Bros’ board did not meaningfully engage with their six offers submitted over the twelve weeks prior to the announcement of the Netflix merger on December fifth. Analyst Paolo Pescatore stated that time is running out for Paramount, as the bidding saga has dragged on too long, benefiting no one.
Both deals face significant regulatory hurdles in Washington, D.C., due to concerns over industry consolidation and its impact on consumers. For Paramount Skydance, the concerns include potential changes in content. Reports suggest CEO David Ellison promised former U.S. President Donald Trump major changes to Warner Bros Discovery’s CNN channel, which Trump has long criticized.
Meanwhile, CBS News, owned by Paramount, has taken several steps perceived as attempts to align with the Trump administration, including appointing Bari Weiss, a conservative opinion writer with no television experience, and installing a former Trump appointee to address bias allegations. CBS also settled a legal dispute over its program 60 Minutes and an interview with then-presidential candidate Kamala Harris.
On Monday, CBS host Stephen Colbert claimed he was prevented from airing an interview with Texas Democratic State Representative James Talarico, currently running for the U.S. Senate. Colbert said the Trump administration seeks to silence critics, as Trump himself “watches only television.”
The Federal Communications Commission, led by Republicans, recently ruled that daytime and late-night talk shows no longer qualify as bona fide news programs, removing exemptions that required equal airtime for opposing candidates.
Experts warn that a merger between Warner Bros and Paramount could consolidate CNN, CBS, and numerous other television outlets under one parent company, raising concerns about future content diversity. Lee Hepner of the American Economic Liberties Project emphasized that such consolidation could limit the variety and independence of traditional television content.
Paramount’s revised offer, which included a personal guarantee of forty billion dollars in equity from Oracle founder Larry Ellison, was rejected in early January. Congressional leaders have raised concerns about both mergers, warning that increased corporate control over news and entertainment could limit public access to independent information.
On Wall Street, Paramount Skydance shares have surged by seven point four percent, while Netflix is up slightly by zero point four percent and Warner Bros Discovery has increased by three point four percent.
