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Warner Bros. Discovery’s board has publicly urged shareholders to reject Paramount Skydance’s $108 billion hostile takeover bid, calling the proposal inferior to the company’s existing deal with Netflix and warning investors of substantial risks. The firm’s blunt letter paints Paramount’s $30-per-share cash pitch as unreliable and laden with hidden costs, a message meant to rally skeptical investors who deserve clarity before any dramatic change of ownership.
In plain language, WBD accused the Ellison-led offer of being “illusory,” saying the alleged backing from the Ellison family and related financing arrangements were not the ironclad commitments Paramount claimed they were. The board contrasted that with Netflix’s $27.75-per-share deal for the studio and streaming assets, which it says is a binding transaction with enforceable debt commitments and far less smoke and mirrors.
Conservatives should be wary of the spectacle here: a flashy, hostile bid wrapped in opacities and trust instruments is exactly the kind of corporate theater that leaves ordinary shareholders and workers holding the bag. The Ellison family trust, mixed financing claims, and reports of outside parties circling the deal raise real questions about who would actually control these media assets and what strings might come attached.
At the same time, patriots who love American entertainment and American jobs shouldn’t cheer blindly for a Netflix takeover either; big tech consolidation and centralized control of culture are valid concerns that deserve hard scrutiny from regulators and shareholders alike. Warner’s board warns of billions in termination fees and a long regulatory fight if the Netflix deal is jettisoned, and shareholders should demand a clear accounting of risks before backing any transaction.
Paramount has not bowed to the rejection and is pressing shareholders to tender their shares, arguing its all-cash offer is superior and faster to close, but market reactions were mixed and caution is warranted. This fight will play out in public and at the ballot box of shareholders in 2026, and hardworking Americans who value transparency, competition, and domestic stewardship of our cultural institutions should watch closely and hold elites accountable.
