Paramount Skydance $PSKY ( ▼ 0.98% ) is standing pat. On Thursday, the company reaffirmed its $30 per share offer for Warner Bros. Discovery $WBD ( ▲ 1.31% ) , insisting again that its proposal is superior to Netflix’s competing bid, despite another firm rejection from Warner’s board.
In a press release, Paramount said its latest amendment, which added a $40.4 billion personal guarantee from Larry Ellison, the father of Paramount CEO David Ellison, “cured every issue raised by WBD.” Notably, the company chose not to raise its offer.
Why Warner’s board still said no
Warner Bros.’ board unanimously rejected the bid on Wednesday, marking the sixth time it has turned down a Paramount takeover and the second rejection of this specific $30 per share offer. The board reiterated that it views Paramount’s proposal as inferior to Netflix’s $NFLX ( ▼ 1.97% ) deal, citing concerns over heavy debt financing and weaker protections if the transaction fails to clear regulators.
Those risks, Warner said, outweigh the headline value of Paramount’s offer, particularly given the lower effective termination fees compared with the Netflix agreement.
What happens next
By refusing to sweeten the bid, Paramount is effectively shifting the decision to Warner Bros.’ shareholders. Any path forward now relies on investors pressuring the board to reconsider, a scenario widely viewed as unlikely.
Markets are still watching closely. Event contracts showed a modest uptick in Paramount’s chances on Thursday morning, with odds of PSKY ultimately acquiring WBD rising to 31% as of 9:30 a.m. ET, up from 27% earlier in the day.
For now, the boardroom door remains closed, and Paramount is betting shareholders may try to reopen it.