Warner Bros. Discovery says it's worried employees will quit if it picks Paramount's offer

WBD CEO David Zaslav's company isn't sold on Paramount CEO David Ellison's offer. Leon Bennett/GA/The Hollywood Reporter via Getty Images; Shannon Finney/WireImage Warner Bros. Discovery says it still has reservations about Paramount Skydance's offer. WBD says employees may leave in the deal's pre-closing period if it chooses Paramount over Netflix. Paramount has said it plans to generate $6 billion in cost savings through the merger. Warner Bros. Discovery says it's worried there could be an exodus of employees if David Ellison's Paramount Skydance beats out Netflix for control of the company. Paramount has promised investors big cost savings — and WBD says employees may not stick around to find out whether their jobs are safe. In the past few weeks, Paramount has addressed many of the issues WBD's board had with its bid, but this one has stuck around. "WBD may experience more substantial losses of employees and talent during the pre-closing period" if it picked Paramount's bid over Netflix's, the WBD board of directors wrote in an SEC filing released on Tuesday morning. It flagged the same issue in a January filing. Although WBD chose Netflix's acquisition offer for its studio and HBO assets, the company is formally giving Paramount one more chance to raise its bid for the entire company, after nine previous offers. Paramount has promised investors $6 billion in so-called "synergies," or cost savings, if it were to buy all of WBD. WBD's board said those efficiencies are "likely to come from workforce/headcount reductions," especially "given the overlapping nature of the studio, streaming and linear networks businesses" of Paramount and WBD. "Where do you think synergies come from? Cutting jobs," Netflix co-CEO Ted Sarandos said at the UBS media conference in mid-December. Netflix has told shareholders it expects to save between $2 billion and $3 billion if it wins and takes over assets that include HBO, HBO Max, and WBD's studio. While the streaming giant may also lay off staffers, it says much of its savings would come from the licensing costs it would no longer have to pay out to WBD. "We're not cutting jobs — we're making jobs," Sarandos said at the UBS conference. A Paramount spokesperson declined to comment. Netflix's winning bid was $27.75 per share for the most valuable parts of WBD, while Paramount insists its $30-per-share proposal for the whole company, including WBD's cable networks, is a better deal. Both bids are all cash, so the tug of war may come down to how much WBD's TV networks are worth — and how high Paramount bids. Read the original article on Business Insider

Warner Bros. Discovery to hear best-and-final takeover bid from Paramount Skydance

We still support Netflix: Warner Bros rejects Paramount's offer; Gives deadline to revise bid

Warner Bros. Discovery has reportedly rejected Paramount-Skydance's latest takeover bid but has given them seven days to submit a superior offer, potentially allowing Netflix to match it. WBD's board remains committed to the Netflix deal, citing unresolved financing and equity concerns with Paramount's proposal.

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Netflix Grants Warner Bros. One Week Waiver To Reopen Paramount Skydance Deal Talks

Netflix Grants Warner Bros. One Week Waiver To Reopen Paramount Skydance Deal Talks Warner Bros. Discovery said in a press release that it will temporarily reopen talks with Paramount Skydance after Netflix granted a seven-day waiver, allowing WBD to address "deficiencies that remain unresolved and clarify certain terms of PSKY's proposed merger agreement." "Netflix has provided WBD a limited waiver under the terms of WBD's merger agreement with Netflix, permitting WBD to engage in discussions with Paramount Skydance ("PSKY") (NASDAQ: PSKY) for a seven-day period ending on February 23, 2026, to seek clarity for WBD stockholders and provide PSKY the ability to make its best and final offer," WBD said in the release. It continued, "During this period, WBD will engage with PSKY to discuss the deficiencies that remain unresolved and clarify certain terms of PSKY's proposed merger agreement." Paramount has been pressing a hostile, shareholder-directed tender offer for WBD, including its cable channels CNN and TNT, at $30 per share (all cash) after losing out to Netflix in a previous bidding war. The months-long takeover battle is over some of the entertainment industry's most important intellectual property, including HBO, Superman, and Harry Potter. WBD said a senior Paramount representative informed its board that Paramount would pay $31 per share if talks were to reopen. After the limited waiver period, WBD said, "Netflix retains its matching rights as defined by the merger agreement." "Throughout the entire process, our sole focus has been on maximizing value and certainty for WBD shareholders," WBD President and CEO David Zaslav said in the release. Zaslav noted, "Every step of the way, we have provided PSKY with clear direction on the deficiencies in their offers and opportunities to address them. We are engaging with PSKY now to determine whether they can deliver an actionable, binding proposal that provides superior value and certainty for WBD shareholders through their best and final offer." WBD said its board "continues to unanimously recommend in favor of the Netflix merger" and has set March 20 for a shareholder vote on that deal, reached in December. Paramount shares jumped nearly 6% in early trading, while WBD gained about 3%, and Netflix rose slightly.   Tyler Durden Tue, 02/17/2026 - 09:50

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Warner Bros. Discovery said Tuesday it has reopened talks with Paramount Skydance on its buyout offer, giving the company seven days to come up with a 'best and final' offer for th...