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Bond Market News
Paramount Escalates Hostile Takeover Bid for WBD by Launching Lawsuit, Proxy Fight
January 13, 2026
Paramount Global (Skydance) has escalated its hostile takeover bid for Warner Bros. Discovery (WBD) by filing a lawsuit and launching a proxy fight. Paramount is seeking to compel WBD to disclose the financial analysis used to justify its $82.7bn merger agreement with Netflix, arguing that WBD has not proven that the Netflix deal is financially superior. Paramount contends that its $108.7bn ($30/share) all-cash offer backed by a $40bn guarantee from Larry Ellison is better for shareholders than Netflix’s $27.75/share cash-and-stock bid. To derail the Netflix deal, Paramount plans to nominate a slate of directors to WBD’s board and propose a bylaw amendment requiring shareholder approval for any spinoff of WBD’s cable networks. WBD’s board has dismissed the lawsuit as “meritless,” citing the high risks of Paramount’s debt-heavy proposal and a potential $2.8bn breakup fee owed to Netflix.
WBD’s bonds were trading weaker with its 4.279% 2032s down 0.3 points to 88.7, yielding 6.5%. Netflix’s bonds also traded weaker with its 4.875% 2030s down 0.4 points to 102.5, yielding 4.2%.
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