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Warner Bros. Discovery shares slipped sharply in premarket trading on Friday after a report suggested that Paramount Skydance may abandon its proposed acquisition bid and pursue legal action against the company’s board. According to market data, Warner Bros. Discovery stock fell about 2.2% before the opening bell, reflecting investor concern over the reported dispute surrounding the bidding process.
A report published by the New York Post cited sources familiar with the matter who claimed that Paramount Skydance is reconsidering its $30-per-share all-cash offer for Warner Bros. Discovery. The sources alleged that the company’s directors and senior management ignored Paramount Skydance’s sixth cash-only proposal, despite its competitive valuation, and instead appeared to favor a rival bid from Netflix that reportedly included a mix of cash and stock.
The report further claimed that this preference may not have been purely strategic. According to the sources, Warner Bros. Discovery executives were allegedly more receptive to Netflix’s offer due to a close personal relationship between Warner Bros. Discovery Chief Executive Officer David Zaslav and Netflix Chief Executive Officer Ted Sarandos. While neither company has publicly confirmed these allegations, the claims have raised questions about corporate governance and fairness in the negotiation process.
As a result, Paramount Skydance is reportedly weighing legal action against the Warner Bros. Discovery board, arguing that the bidding process was mishandled and that its proposal was not given proper consideration. If litigation moves forward, it could add further uncertainty to Warner Bros. Discovery’s strategic outlook and place additional pressure on its share price.
The situation has drawn significant attention from investors and industry analysts, as it highlights broader concerns about transparency, fiduciary duty, and competitive fairness in high-profile media mergers and acquisitions. Warner Bros. Discovery has not yet issued an official response to the report, and it remains unclear whether Paramount Skydance will formally withdraw its bid or proceed with legal action. For now, the uncertainty continues to weigh on Warner Bros. Discovery stock and the broader media and entertainment sector.
