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Bond Market News
Warner Bros Rejects Paramount’s Amended Offer
January 8, 2026
Warner Bros. Discovery (WBD) rejected an amended $30/share hostile takeover offer from Paramount Skydance, reaffirming its support for an agreed deal with Netflix. Despite billionaire Larry Ellison personally guaranteeing over $40bn in equity financing, WBD’s board said Paramount’s bid would require more than $50bn of borrowing, making it effectively the largest leveraged buyout (LBO) ever and far riskier than Netflix’s $27.75/share cash-and-stock offer. The board highlighted Paramount’s comparatively small market capitalization, uncertainty around deal completion, and restrictive pre-closing conditions that could harm Warner Bros.’ operations. While some shareholders, including Pentwater Capital, argue Paramount’s cash offer is economically superior and are pushing for a renewed engagement, Warner Bros. emphasized that terminating the Netflix deal would cost about $4.7bn and still leave shareholders worse off. Analysts say Paramount may need to raise its bid further to reopen talks, but Warner Bros. maintains that its Netflix transaction offers greater certainty, lower risk, and higher overall value, particularly given the planned spinoff of declining cable-TV assets.
WBD’s 4.279% 2032s traded stable at 89.2 yielding 6.4%. Netflix’s bonds also traded stable with its 4.875% 2030s at 102.7, yielding 4.2%.
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