The final bid reportedly valued Paramount at just under $24 per share, but Warner Bros. Discovery walked away.

WBD Turns Down Paramount’s Acquisition Proposals

October 22, 2025: Warner Bros. Discovery (WBD) has reportedly turned down three separate takeover offers from Paramount Global, with the latest bid valuing the company at just under $24 per share, according to insider sources. The move comes amid ongoing speculation about potential mergers and acquisitions in the rapidly evolving entertainment and streaming landscape.

Inside the Negotiations

Sources familiar with the discussions claim that the talks between the two media giants had been ongoing for several months. While Paramount was eager to explore a partnership that could strengthen both companies’ streaming and content strategies, WBD executives reportedly felt the offers undervalued their company and failed to align with their long-term growth vision.

Paramount’s Push for Consolidation

Paramount, which owns CBS, MTV, Nickelodeon, and Paramount+, has been exploring strategic options to boost its position in a highly competitive streaming market. A merger with WBD — home to HBO, CNN, and Discovery+ — would have created one of the most formidable players in global media. However, insiders suggest WBD CEO David Zaslav and his board were not convinced that the merger would bring enough shareholder value.

The Broader Industry Context

The rejection highlights the growing uncertainty across the entertainment industry as traditional media companies continue to battle declining cable revenues and rising streaming competition. With giants like Netflix, Disney+, and Amazon Prime dominating global viewership, legacy companies are under immense pressure to find sustainable growth strategies.

What’s Next for Paramount and WBD

Industry analysts believe that Paramount will continue to seek strategic partners or investors, while WBD focuses on strengthening its content portfolio and international expansion. Some experts suggest WBD’s rejection of the offers signals confidence in its own turnaround strategy after recent cost-cutting and restructuring efforts.