Netflix has received strong backing from the Warner Bros. Discovery (WBD) Board of Directors, which has recommended that stockholders reject an unsolicited rival offer from Paramount Skydance Corporation. After reviewing both proposals with independent financial and legal advisors, the board concluded that Netflix’s offer represents a more certain and superior outcome for WBD stockholders.

Earlier this month, Netflix and WBD announced a fully negotiated and financed definitive agreement under which Netflix will acquire Warner Bros. Discovery’s core assets, including its film and television studios, HBO, and HBO Max. The deal values WBD at $27.75 per share, translating to a total enterprise value of approximately $82.7 billion and an equity value of $72 billion. The transaction also includes incremental value for stockholders through the planned separation of WBD’s Global Linear Networks business, Discovery Global, expected in Q3 2026.

Netflix co-CEO Ted Sarandos stated that the board’s recommendation reinforces the strength of the merger, calling it the best outcome for consumers, creators, and stockholders. He emphasized that Netflix remains committed to theatrical releases for Warner Bros. films, maintaining traditional cinema windows while preserving HBO’s focus on premium, prestige content.

Co-CEO Greg Peters added that the acquisition will expand creative opportunities and deliver greater choice and value to audiences worldwide. He described the merger as pro-consumer, pro-creator, and pro-growth, combining Netflix’s global scale with Warner Bros.’ iconic franchises and storytelling legacy.

With a history of investing heavily in creative talent, Netflix has reiterated its commitment to honoring and expanding Warner Bros.’ renowned brands. Together, the companies aim to strengthen the entertainment ecosystem and drive long-term growth across streaming and theatrical platforms.