Paramount Fires Off Letter To Warner Bros. Investors Claiming Netflix Deal Overstates Value And Can’t Match Its Cash Bid

Paramount argued that, by its estimates, the Netflix package is worth about $28.75 per share.
A sign is seen at a Paramount office building on August 7, 2025 in Los Angeles, California. (Photo by Eric Thayer/Getty Images)
A sign is seen at a Paramount office building on August 7, 2025 in Los Angeles, California. (Photo by Eric Thayer/Getty Images)
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Deepti Sri·Stocktwits
Published Dec 10, 2025   |   4:28 PM EST
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Paramount Skydance Corporation (PSKY) intensified its appeal to Warner Bros. Discovery (WBD) shareholders on Wednesday, arguing that its $30 per share all-cash offer provides materially higher and more reliable value than WBD’s agreed transaction with Netflix (NFLX). 

The company said Netflix’s mix of cash, stock and a stake in the Global Networks spin-off is overstated in value once adjusted for Netflix’s falling share price, potential purchase price reductions tied to debt allocation, and what Paramount sees as a low underlying valuation for Global Networks.

Paramount argued that, by its estimates, the Netflix package is worth about $28.75 per share before factoring in risk or the longer closing timeline.

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