Warner Bros. Discovery, Inc. Series A (NASDAQ: WBD) is ending Tuesday, December 23, 2025 with its share price pinned near a headline number that now dominates nearly every conversation around the stock: $30 per share.
After the closing bell, WBD investors are weighing fresh reporting and commentary from major shareholders on Paramount Skydance’s amended all‑cash takeover offer—and the reality that WBD’s board is still backing Netflix’s competing transaction. With U.S. markets set for an early close on Wednesday (Dec. 24), the next session could also see thinner liquidity and sharper price swings than usual.
WBD stock price check: where Warner Bros. Discovery finished after the bell
WBD closed the regular session at $29.15, up 1.39% on the day. In after-hours trading, the stock was last indicated around $29.19 shortly after 6 p.m. Eastern—only a few cents above the close. [1]
Key tape details from today’s session:
- Close: $29.15 (+1.39%) [2]
- After-hours (early evening): about $29.19 [3]
- Day range: $28.76 – $29.27 [4]
- Volume: about 49.9 million shares [5]
With Paramount’s offer still stated at $30.00 cash, WBD’s closing price implies roughly an $0.85 discount (about 2.9%) to that headline bid—an important clue that the market is still pricing in deal risk, timing risk, and/or the possibility of a changing bid landscape.
What moved WBD today: the Paramount vs Netflix bidding war is still the story
The latest catalyst today came from Reuters, reporting that Harris Oakmark (Harris Associates)—identified as Warner Bros. Discovery’s fifth-largest shareholder—does not view Paramount Skydance’s amended proposal as enough to justify switching paths away from Netflix. [6]
The same report underscores the central tension in WBD’s share price:
- Paramount Skydance is offering $30 per share in cash for 100% of WBD. [7]
- Netflix’s deal is structured as $23.25 cash + $4.50 in Netflix stock (i.e., $27.75 before considering the value of the planned spinoff), and is tied to WBD spinning out “Discovery Global” as part of the process. [8]
In other words: WBD is trading like a classic event-driven name, where probabilities (which deal closes, on what timeline, and under what terms) matter more than traditional quarter-to-quarter fundamentals.
“Necessary, but not sufficient”: what a top WBD shareholder said today
Reuters reported that Harris Oakmark’s Alex Fitch characterized Paramount’s changes as “necessary, but not sufficient,” adding that the two deals look like “a toss‑up” on value once switching costs and deal terms are considered—while signaling Paramount may need to add incentive to win. [9]
Two other investor perspectives in the same Reuters piece help explain why WBD can trade close to $30 without actually reaching it:
- One investor described WBD’s assets as rare “top shelf media assets,” but indicated they may follow the board’s guidance. [10]
- Another investor suggested Paramount might have a better shot with regulators and said they could accept the revised Paramount offer if Netflix does not counter. [11]
TheWrap’s coverage added similar color, also emphasizing the view that Paramount may need to “show shareholders the money” to justify changing course—and highlighting how the fight may drag on. [12]
What Paramount changed in the amended $30 offer
Paramount Skydance’s amended proposal is best understood as an attempt to remove the biggest argument WBD’s board has made against it: financing certainty.
In Paramount’s own announcement, the company says it amended its offer to address WBD’s concerns, including: [13]
- An “irrevocable personal guarantee” of $40.4 billion by Larry Ellison covering equity financing and potential damages claims. [14]
- A commitment that Ellison would not revoke the family trust or transfer assets in ways that could undermine the transaction during the pendency of the deal. [15]
- A higher regulatory reverse termination fee of $5.8 billion (up from $5.0 billion), matching the figure cited in reporting around the Netflix transaction. [16]
- Added “flexibility” language around debt refinancing and interim operating covenants (as Paramount frames it). [17]
- An extended tender offer expiration to 5:00 p.m. New York time on Jan. 21, 2026. [18]
Paramount also disclosed tender progress as of Dec. 19, stating that 397,252 shares had been validly tendered and not withdrawn at that time—an early sign that many shareholders are waiting for clearer signals before taking action. [19]
WBD’s official stance tonight: reviewing, but still backing Netflix — and “take no action”
Warner Bros. Discovery has not shifted its public recommendation.
In WBD’s statement confirming receipt of the amended Paramount tender offer, the company said: [20]
- The board will review and consider Paramount’s offer in consultation with independent advisors and consistent with fiduciary duties.
- The board is not modifying its recommendation in favor of the Netflix deal at this time.
- Shareholders are advised not to take any action right now regarding the amended Paramount tender offer.
WBD’s earlier board communication (Dec. 17) also reiterated that Paramount’s original tender offer did not qualify as a “Superior Proposal” under the Netflix agreement and argued the Paramount bid imposed “numerous, significant risks and costs.” [21]
That backdrop matters because it frames what would likely need to change for the board to pivot: not just price, but certainty, enforceability, and risk.
Netflix financing is also in focus going into Wednesday
Even though today’s headline was shareholder reaction to Paramount’s amended bid, deal watchers are still paying close attention to whether Netflix can maintain “certainty” at a mega-deal scale.
On Monday, Reuters reported Netflix refinanced part of a $59 billion bridge loan tied to the potential Warner Bros. Discovery deal, including: [22]
- A $5 billion revolving credit facility
- Two $10 billion delayed-draw term loans
- Roughly $34 billion of the bridge facility remaining to be syndicated
Reuters also noted the transaction structure anticipates WBD spinning off its Global Networks unit in Q3 2026 before the Netflix acquisition of studio/streaming assets closes. [23]
In a market that is currently laser-focused on “will it close,” these financing steps matter because they directly affect perceived deal certainty.
Forecasts and valuations: why “normal” WBD targets look strange right now
One of the oddest realities for anyone scanning WBD research tonight: many analyst price targets and valuation models were built for a standalone WBD, not a takeover battle with multiple bids.
For example, StockAnalysis summarizes analyst targets with: [24]
- Consensus rating: “Buy”
- Average price target: $19.47
- Low target: $10
- High target: $30
Read literally, that average target implies major downside from today’s ~$29 price level. But in practice, this gap often reflects timing (targets may not have been fully updated post-bid) and methodology (many models assume the business continues independently). [25]
Meanwhile, Simply Wall St published an analysis today that—using a discounted cash flow framework—arrived at an intrinsic value estimate near $29.01 per share, essentially in line with where the market closed. [26]
The takeaway heading into Wednesday isn’t that one model is “right.” It’s that WBD is currently priced more like a deal probability instrument than a traditional media equity, and the market can move quickly as odds shift.
What to know before the stock market opens tomorrow (Wednesday, Dec. 24, 2025)
Here’s the practical checklist for WBD traders and long-term holders before the next session begins.
1) Tomorrow is an early-close session
Nasdaq’s official trading calendar shows Wednesday, Dec. 24, 2025 is an “Early Close” at 1:00 p.m. Eastern, and Dec. 25 is closed for Christmas. [27]
This matters for WBD because early-close sessions often bring:
- lighter volume,
- wider bid-ask spreads,
- and exaggerated reactions to headlines.
2) Watch for overnight filings, statements, or “process” updates
Given WBD has told shareholders “take no action” while it reviews Paramount’s amended offer, investors are on alert for any of the following to hit between tonight and tomorrow’s open: [28]
- updates to board recommendations,
- SEC filings tied to the tender offer process,
- public responses from Paramount or Netflix.
3) Track the “three-stock dashboard”: WBD, NFLX, and PSKY
In event-driven situations, price action often shows up first in the connected names—especially if any party is perceived to be raising, sweetening, or defending a bid. Reuters noted overlapping ownership among large institutions across the companies, adding another layer of market sensitivity. [29]
4) Know the key deadline that’s anchoring the next phase
Paramount extended its tender offer expiration to Jan. 21, 2026 (5:00 p.m. New York time), and Reuters reports the shareholder decision window was extended to that date from Jan. 8. [30]
That doesn’t mean nothing happens until then—it means the chess clock for the next set of moves is now clearly visible.
5) Keep an eye on deal “certainty” narratives — not just price
Today’s news made it clear that at least one major shareholder views Paramount’s amended terms as an improvement, but still not enough to justify switching, especially given the board’s stance. [31]
So tomorrow’s trade could hinge less on “$30 vs $27.75” and more on:
- whether any side can reduce perceived execution risk,
- whether a higher bid emerges,
- and whether the board signals a shift or a hardening of its recommendation.
Bottom line after the bell on Dec. 23
WBD stock is closing the day near $29, reflecting a market that’s taking the takeover battle seriously—but still applying a discount to the cleanest headline number on the table ($30 cash), as investors weigh uncertainty, timing, and the possibility of further bids.
The most important “before the open” facts are straightforward:
- WBD’s board is still backing Netflix and telling shareholders not to act yet while it reviews Paramount’s amended offer. [32]
- A major shareholder says Paramount’s revised bid is still “not sufficient,” suggesting the market may continue to speculate about a sweeter offer. [33]
- Tomorrow (Dec. 24) is an early close at 1 p.m. ET, which can amplify volatility in headline-driven names. [34]
If you want, I can also write a tighter “morning brief” version of this article optimized for a premarket publish (same facts, more scannable, ~600–800 words) without adding charts or images.
References
1. stockanalysis.com, 2. stockanalysis.com, 3. stockanalysis.com, 4. stockanalysis.com, 5. stockanalysis.com, 6. www.reuters.com, 7. www.reuters.com, 8. www.reuters.com, 9. www.reuters.com, 10. www.reuters.com, 11. www.reuters.com, 12. www.thewrap.com, 13. www.prnewswire.com, 14. www.prnewswire.com, 15. www.prnewswire.com, 16. www.prnewswire.com, 17. www.prnewswire.com, 18. www.prnewswire.com, 19. www.prnewswire.com, 20. www.prnewswire.com, 21. ir.wbd.com, 22. www.reuters.com, 23. www.reuters.com, 24. stockanalysis.com, 25. stockanalysis.com, 26. simplywall.st, 27. www.nasdaqtrader.com, 28. www.prnewswire.com, 29. www.reuters.com, 30. www.prnewswire.com, 31. www.reuters.com, 32. www.prnewswire.com, 33. www.reuters.com, 34. www.nasdaqtrader.com
