Warner Bros. Discovery, Inc. Series A Common Stock (NASDAQ: WBD) is ending 2025 as one of the most deal-driven names in U.S. media—caught between a signed Netflix agreement and an aggressive, sweetened hostile bid from Paramount Skydance. On December 24, 2025, WBD shares traded around $29.18, positioning the stock neatly between Netflix’s $27.75 per share cash-and-stock structure (plus a planned networks spin-off) and Paramount Skydance’s $30.00 per share all-cash tender offer for the entire company. [1]
That “in-the-middle” price is the market’s way of saying: this is no longer just a fundamentals story. It’s a high-stakes, multi-path outcome story—one where financing certainty, regulatory risk, and shareholder behavior could swing the valuation fast.
Below is a full roundup of the current news, forecasts, and analyses as of Dec. 24, 2025, with the key facts and what to watch next.
Where WBD stock stands on Dec. 24, 2025
As of Dec. 24, 2025, WBD traded near $29.18.
That matters because:
- It’s above the headline $27.75 per-share value attached to Netflix’s agreement for WBD’s Streaming & Studios assets (with additional value expected from the networks spin). [2]
- It’s below Paramount Skydance’s $30.00 per share all-cash tender offer for the whole company. [3]
In plain terms: traders are pricing in some probability of the cash bid winning or improving, while also discounting the chance that the situation drags out, gets blocked, or breaks down.
The headline news driving WBD today: two competing paths
1) Netflix deal: Streaming + Studios, with a networks spin-off before closing
On Dec. 5, 2025, Reuters reported Netflix agreed to buy Warner Bros. Discovery’s TV/film studios and streaming division in a cash-and-stock structure that values WBD at $27.75 per share for that package—about $72 billion equity value and $82.7 billion including debt. Shareholders would receive $23.25 in cash and roughly $4.50 in Netflix stock per WBD share under the terms described by Reuters, and the transaction is designed to close after WBD spins off its global networks unit into a separate public company (often referred to in coverage as Discovery Global). [4]
The Netflix agreement also includes unusually large termination economics: Reuters reported Netflix has offered WBD a $5.8 billion breakup fee, while WBD would pay Netflix $2.8 billion if the deal collapses. [5]
2) Paramount Skydance: an all-cash hostile tender for the entire company—now “sweetened”
Paramount Skydance’s offer remains $30.00 per share in cash to acquire all of WBD, including the cable networks (CNN, Discovery, TNT Sports, and more). [6]
This week’s major update is that Paramount Skydance amended its bid to address WBD’s stated financing concerns by adding an “irrevocable personal guarantee” from Oracle founder Larry Ellison covering $40.4 billion of equity financing (and potential damage claims), according to the Associated Press. It also increased the breakup fee to $5.8 billion if regulators block the transaction and extended the tender deadline to Jan. 21, 2026. [7]
In its own public materials, Paramount also disclosed that as of Dec. 19, only 397,252 shares had been tendered (and not withdrawn), underscoring how early and uncertain shareholder participation still is. [8]
What WBD’s board is saying right now
WBD’s board has been blunt—and consistent:
- On Dec. 17, WBD announced its board unanimously recommended shareholders reject Paramount’s (earlier) tender offer and reiterated support for the Netflix agreement, calling Netflix the more certain path. [9]
- On Dec. 22, after receiving Paramount’s amended offer, WBD confirmed it would review and consider the new proposal but is not modifying its recommendation supporting the Netflix merger agreement at this time—and told shareholders not to take any action right now regarding the amended tender. [10]
The core board argument (echoed in Reuters coverage) is that Netflix’s proposal is a binding merger agreement with robust financing, while the Paramount tender has been described by WBD as posing financing and structural risks. [11]
What major investors are signaling: “necessary, but not sufficient”
One of the most market-moving datapoints this week came from a major shareholder.
On Dec. 23, Reuters reported that Harris Oakmark—described as WBD’s fifth-largest shareholder—said Paramount’s amended offer changes were “necessary, but not sufficient” and suggested Paramount would likely need to provide a greater incentive to win. Reuters also reported Harris owned 96 million shares (about 4%) as of end of September. [12]
That matters because a hostile tender isn’t won with headlines—it’s won with tendered shares. And big holders often set the tone for how quickly (or slowly) everyone else moves.
Financing is becoming the central battleground
In mega-media M&A, “who has the money and how clean is it?” can matter as much as “who has the best strategy.”
Netflix is already refinancing the war chest
On Dec. 22, Reuters reported Netflix refinanced part of the bridge financing for the deal: a $5 billion revolving credit facility plus two $10 billion delayed-draw term loans, leaving about $34 billion of the bridge facility to be syndicated. [13]
This step strengthens Netflix’s argument that it can execute—especially as deal scrutiny intensifies.
Paramount’s answer: Ellison’s personal guarantee + a higher regulatory fee
Paramount’s amended bid is designed to neutralize WBD’s criticism that financing support was too dependent on a revocable trust structure. The AP reported Paramount added Larry Ellison’s personal guarantee and raised the regulatory-block breakup fee to $5.8 billion. [14]
Regulatory reality check: both roads are likely to be heavily scrutinized
Whether Netflix or Paramount wins shareholder support, regulators are likely to be the next gate.
Reuters reported that both deals would face intense antitrust scrutiny in the U.S. and Europe, and that U.S. President Donald Trump has said he plans to weigh in on the transactions—raising the political temperature around a sector already under consolidation concerns. [15]
WBD, for its part, has argued there is no material difference in regulatory risk between the two options (as stated in its Dec. 17 materials), while Paramount has argued the opposite in public communications. [16]
Fundamentals still matter: what WBD reported before the M&A storm
Even though the stock is trading on deal probability right now, WBD’s operating performance is the reason suitors are fighting over it.
In its Q3 2025 shareholder letter (Nov. 6, 2025), WBD highlighted:
- 128 million global streaming subscribers, up 2.3 million net in the quarter, and a stated path toward 150 million by end of 2026 [17]
- Free cash flow of $701 million in Q3, despite separation-related cash costs [18]
- $1.2 billion of debt repaid in the quarter and net leverage of 3.3x [19]
- Expectations that in 2025, Studios would “meaningfully exceed” prior guidance of at least $2.4 billion adjusted EBITDA, and Streaming would generate at least $1.3 billion adjusted EBITDA [20]
WBD’s narrative has been a push-pull: streaming scale and studio momentum on one side, and a declining linear TV ecosystem on the other—precisely why the company announced plans to split into two publicly traded entities in 2026 before the strategic alternatives review heated up. [21]
Wall Street forecasts on Dec. 24, 2025: why price targets are messy right now
Traditional analyst models are struggling to keep up because WBD is effectively trading like a merger arbitrage situation.
Here’s what the most visible consensus trackers were showing in late December:
- Nasdaq/Fintel reported an average one-year price target of $27.78, revised up from $23.07 earlier in December, with the latest targets ranging from $20.20 to $36.75. [22]
- MarketBeat showed a consensus average target of $23.22, implying downside from current trading levels—reflecting the fact that many analysts’ targets were set before the takeover premium became dominant. [23]
How to interpret that gap:
- Deal pricing can overpower “intrinsic value” targets. If investors believe a transaction closes near $30 cash, older $20–$25 targets become less relevant in the short run.
- But deal risk is real. If neither path closes—due to regulators, financing changes, or a broken process—the stock can snap back toward where fundamentals-based targets cluster.
- The spin-off complicates comparisons. Netflix’s structure includes a networks separation, so the headline $27.75 is not the only value component being debated publicly. [24]
Key dates and catalysts to watch next
If you’re tracking Warner Bros. Discovery Series A stock, the next several weeks are likely to be headline-heavy. The main catalysts:
- Jan. 21, 2026: Paramount Skydance’s amended tender offer is scheduled to expire (unless extended again). [25]
- Board response cadence: WBD has said it will complete its review of the amended tender and then advise stockholders—while currently keeping its Netflix recommendation intact. [26]
- Shareholder vote timing: WBD has not set a specific vote date on the Netflix agreement in the public statements cited here, but Reuters reported expectations around spring/early summer 2026 in prior coverage. [27]
- Spin-off timing: Reuters has reported the separation/spin is targeted for Q3 2026 in the Netflix transaction timeline. [28]
- Next earnings window: Zacks estimates WBD’s next earnings release around Feb. 26, 2026 (dates can shift). [29]
- Regulatory signals: Any public commentary from U.S. or EU competition authorities—and any political positioning—could move WBD, Netflix, and Paramount quickly. [30]
Bottom line for Dec. 24, 2025
Warner Bros. Discovery (WBD) Series A stock is trading in a deal corridor. The market is weighing a cash-rich hostile tender against a structured Netflix transaction that comes with financing momentum and a planned networks separation.
The biggest near-term questions aren’t about quarterly subscribers or box office weekends—important as those are. They’re about:
- whether Paramount can raise the incentive enough to flip major shareholders,
- whether WBD’s board changes its stance after reviewing the amended offer, and
- how regulators react to whichever path emerges as the “winner.” [31]
This article is for informational purposes only and does not constitute investment advice.
References
1. www.reuters.com, 2. www.reuters.com, 3. apnews.com, 4. www.reuters.com, 5. www.reuters.com, 6. apnews.com, 7. apnews.com, 8. www.prnewswire.com, 9. ir.wbd.com, 10. ir.wbd.com, 11. www.reuters.com, 12. www.reuters.com, 13. www.reuters.com, 14. apnews.com, 15. www.reuters.com, 16. ir.wbd.com, 17. s201.q4cdn.com, 18. s201.q4cdn.com, 19. s201.q4cdn.com, 20. s201.q4cdn.com, 21. www.reuters.com, 22. www.nasdaq.com, 23. www.marketbeat.com, 24. www.reuters.com, 25. www.prnewswire.com, 26. ir.wbd.com, 27. www.reuters.com, 28. www.reuters.com, 29. www.zacks.com, 30. www.reuters.com, 31. www.reuters.com
