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Bond Market News
Warner Bros Could Reject Paramount Bid – Sources
December 17, 2025
Warner Bros. Discovery (WBD) is planning to reject Paramount’s hostile takeover bid citing concerns over financing certainty, deal terms and operational flexibility, according to sources. WBD’s board believes that its existing agreement to sell its studios, streaming business and HBO to Netflix for $27.75 a share, valuing the deal at ~$83bn including debt, offers greater certainty and value. A key concern for WBD is the reliability of Paramount’s financing, which relies on equity backstopped by a revocable trust tied to Larry Ellison’s wealth, allowing assets to be withdrawn at any time and leaving limited recourse. Adding to the uncertainty, one of Paramount’s backers, Affinity Partners has withdrawn from the deal, citing the presence of strong competitors. WBD’s board is worried that Paramount’s proposal does not provide sufficient flexibility to manage its business or balance sheet during the prolonged regulatory approval process. Although Paramount has adjusted terms and said its $108.4bn offer is not final, WBD plans to oppose the takeover offer while remaining obligated to give Netflix the right to match any superior proposal.
WBD’s 4.279% 2032s traded marginally lower at 89.4 yielding 6.4%. Paramount’s 6.75% 2037s traded stable at 100.4, yielding 6.7%.
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