NASDAQ:WBD 14 December 2025 - 18 December 2025

Warner Bros. Discovery shares traded near $28.90 on Dec. 17 as its board prepared to recommend shareholders reject Paramount Skydance’s $30-per-share hostile bid and stick with a Netflix deal for non-cable assets. Jared Kushner’s Affinity Partners exited Paramount’s financing group, weakening its offer. The board’s response could come as soon as Wednesday. WBD shares slipped in premarket trading on the news.

Warner Bros. Discovery shares traded around $29.25 Tuesday, below Paramount Skydance’s $30-per-share cash offer and above Netflix’s $27.75 implied value. The price reflects investor uncertainty over which deal will close and on what terms. Wall Street banks are competing for advisory roles as the bidding process nears a decision. Comcast’s Versant spinoff is influencing how investors value WBD’s legacy cable networks.

Warner Bros. Discovery traded at $29.71 on December 16, just below the $30-per-share offer, as takeover speculation intensified. Netflix reaffirmed its bid despite a hostile offer from Paramount Skydance and is publicly addressing antitrust concerns. European regulators emerged as a potential obstacle, raising new uncertainty for deal timelines.

WBD shares traded near $29.76 on December 15, 2025, above Netflix’s $27.75 bid but below Paramount Skydance’s $30 offer. Netflix reiterated its commitment to acquiring Warner Bros. Discovery, despite a rival hostile bid, and pledged to keep Warner Bros. films in theaters. The company acknowledged regulatory scrutiny and political criticism. Investors are watching headline developments as the bidding war continues.