Why Warner Bros. Discovery Shareholders Are Split on Paramount’s $30 Offer

Warner Bros. Discovery shareholders are weighing whether to tender their shares to Paramount Skydance at $30 per share in cash or support the board’s agreement to sell studio and streaming assets to Netflix for $27.75 per share, a deal that includes stock and leaves Discovery’s cable networks to be spun out later.

Supporters of tendering argue Paramount’s offer is more attractive on headline value and certainty. It covers the entire company, avoids stock-price volatility, and may face fewer antitrust concerns than a combined Netflix–HBO Max streaming business. Paramount CEO David Ellison has also signaled the bid is not final, raising hopes that tendering could pressure Netflix to return with a higher price and ignite a bidding war.

Others see reasons to hold back. Netflix’s proposal includes equity upside and preserves the planned spin-off of Discovery’s cable networks, which some investors believe could be worth more than the $1 per share value implied by Paramount. A previously disclosed but rejected $25 billion cash approach for Discovery Global suggests there may be stronger demand for those assets if they are separated.

Regulatory and financing risks also divide opinion. A full Paramount acquisition would include politically sensitive assets such as CNN and rely heavily on Middle Eastern sovereign wealth funding, which some shareholders worry could complicate approvals. Paramount has moved to reassure investors by adding a large personal guarantee from Oracle founder Larry Ellison, but doubts remain.

With deadlines flexible and both bidders lobbying investors, shareholders are effectively playing a high-stakes game: accept certainty now, or hold out for potentially greater value later. The outcome may determine not just the owner of Warner Bros.’ storied content library, but also the next power shift in the global streaming wars.