Paramount has confirmed its readiness to acquire Warner Bros. Discovery in its entirety.

The studio insists on acquiring WBD for $30 per share and urges shareholders to support its offer.

Paramount has officially declared its intention to continue pursuing the acquisition of Warner Bros. Discovery (WBD), emphasizing that its cash buyout proposal remains more attractive than WBD's current agreement with Netflix. The company made this announcement on Thursday, simultaneously appealing directly to its competitor's shareholders.

Paramount's Proposal and Management's Stance

Paramount is prepared to acquire Warner Bros. Discovery for $30 per share, insisting that this option offers investors maximum benefit and a faster path to completing the deal. Paramount CEO David Ellison stated that the company has always acted in the best interests of WBD shareholders and will continue to actively promote its offer.

According to Ellison, a deal with Paramount provides investors with greater value and a clear, straightforward closing mechanism, including regulatory approvals. He emphasized that the company is ready to further discuss the advantages of its initiative and advocate for it in market dialogue.

Rejection by the WBD Board of Directors

Earlier this week, the Warner Bros. Discovery Board of Directors officially rejected Paramount's revised proposal. The offer included personal guarantees from Oracle founder Larry Ellison, but WBD's management stated that even the updated proposal did not address all of the company's concerns.

Thus, the WBD board's position remains firm, despite additional arguments and guarantees from the potential buyer.

Counterarguments and Financial Calculations

In its new statement, Paramount stressed that it has acted in good faith and consistently addressed all concerns previously raised by Warner Bros. Discovery. Specifically, the company presented its own financial analysis regarding the potential spin-off of Discovery Global.

According to Paramount's calculations, such a structure would have zero equity value or, at best, trade at a significant discount. This argument is used as additional justification that Paramount's offer is more beneficial for WBD shareholders.

What Happens Next

Paramount's decision to stand firm indicates the company's intent to go directly to Warner Bros. Discovery investors. The studio hopes to persuade a majority of shareholders to sell their shares through a tender offer.

The current offer is set to expire on January 21, 2026, with Paramount reserving the right to extend it if necessary. The outcome of this standoff will depend on the response of WBD shareholders and their willingness to support the deal despite the company's board of directors' opposition.