Netflix CEO Greg Peters didn’t hold back when he shot down Paramount Skydance’s $108 billion bid to buy Warner Bros. Discovery.
He pointed out that Oracle co-founder Larry Ellison, who has agreed to put up $40.4 billion in equity, was basically the only thing keeping the offer alive, according to the Financial Times.
Netflix CEO Slams Paramount’s $108B Warner Bros Bid as ‘Crazy’
“Without Larry Ellison independently financing this thing, there’s no chance in hell Paramount would ever be able to pull this off,” Peters told FT.
Honestly, he didn’t have much faith in Paramount’s plan. He called the offer “pretty crazy,” especially since Paramount already carries a heavy debt load. Adding even more leverage just to fund their $30-per-share bid? It didn’t make sense to him.
There’s another twist: Not many Warner Bros. Discovery shareholders actually back Paramount’s hostile takeover attempt. Peters said the support was “very small”, a detail that speaks volumes.
Paramount Skydance’s Warner Bros Bid Falters as Netflix Gains Edge
Meanwhile, Warner Bros. Discovery’s board officially rejected Paramount Skydance’s $108.4 billion bid back in January 2026. They said the offer just didn’t measure up, especially given the risks and the lack of real value for shareholders. The board urged everyone to vote it down, insisting that their current merger agreement with Netflix made a lot more sense.
Samuel Di Piazza Jr., the board’s chair, summed it up: “The Paramount offer is still inferior to our merger agreement with Netflix across multiple key areas.”
Netflix, for its part, tweaked its offer in January, switching to an all-cash deal to keep things simple. The price stayed the same at $27.75 per Warner Bros. Discovery share, but now it’s all cash instead of a mix of cash and equity.
Peters told FT that Netflix expects to win shareholder support. He dismissed Paramount’s offer, saying it “doesn’t pass the sniff test.”
With shareholders set to vote in April 2026, Netflix is working hard to win over anyone still on the fence. Peters says their revised offer gives “greater deal certainty,” backed partly by $55 billion in debt and Netflix’s solid balance sheet.
Now, it’s just a waiting game to see which side the shareholders choose.
