Warner Bros. board may decline Paramount Skydance's revised bid.

Warner Bros. Discovery’s board is preparing to turn down a revised takeover offer from Paramount Skydance. Paramount added assurances including a $40.4 billion financing guarantee, but the board remains focused on a competing Netflix deal.

Warner Bros. Discovery’s board is reportedly preparing to decline a revised takeover offer from Paramount Skydance. The board has not reached a final decision and is expected to meet next week. Paramount has publicly pushed its bid after disclosing a $30-per-share cash offer and has amended the terms twice. The most recent amendment included assurances tied to $40.4 billion in financing from Larry Ellison. What was reported: - Paramount disclosed a $30-per-share cash offer on Dec. 8. - Paramount amended its proposal twice and added an Ellison-linked $40.4 billion financing assurance in the latest revision. - Warner Bros. previously agreed to a deal with Netflix covering its studio and streaming operations. - Directors are weighing valuation, execution and balance-sheet effects, including leverage and debt management. - The board has not made a final decision and is expected to meet next week. Summary: A board decision to decline Paramount’s revised offer would leave the Netflix transaction as the clearer alternative and reflect concerns about leverage and deal terms. The board is due to meet next week and has not reached a final decision.