Warner Bros. Discovery, Inc. Series A (NASDAQ: WBD) ended the regular session Friday December 19, 2025 higher—and then ticked up again in after-hours trading, as investors digested the latest twist in the Netflix vs. Paramount Skydance takeover drama.
As of 6:57 p.m. ET on Dec. 19, WBD shares were indicated at $27.99 in after-hours trading, up $0.22 (+0.79%) from the regular-session close. [1]
That move may look modest, but it matters because WBD is currently trading less like a traditional media stock and more like a deal referendum: every headline about bid terms, financing, regulatory risk, or shareholder support can move the implied odds of “which offer wins”—and what price ultimately clears.
WBD stock price check: today’s close, range, and volume
WBD closed at $27.77 on Dec. 19, up 0.58% on the day. The stock traded between $27.62 and $28.44, with volume reported around 107.95 million shares—notably heavy activity compared with recent days. [2]
After the bell, the stock’s move to $27.99 reinforces the market’s current posture: still pricing in deal uncertainty, but refusing to drift far from the deal “anchor prices” that investors are watching most closely. [3]
Why WBD is moving after hours: one shareholder comment that traders take seriously
The most important WBD-specific news published today came from Reuters: Harris Associates, described as WBD’s fifth-largest shareholder with about a 3.9% stake, signaled it would be “very open” to a revised Paramount Skydance offer—if Paramount improves the financial consideration and addresses concerns around deal terms. [4]
Crucially, Harris’ portfolio manager said the Netflix and Paramount offers look comparable on value “as things stand”, but that Netflix’s offer is “superior on deal terms.” [5]
That combination—comparable value, better terms, but fixable issues—is exactly the kind of framing that can push the stock up late in the day because it suggests:
- Paramount isn’t necessarily “out,” even after WBD’s board pushed back hard this week.
- A higher or cleaner bid could still emerge.
- Large shareholders are actively weighing structure and certainty, not just headline price.
The deal scoreboard investors are trading against right now
If you’re looking at WBD after hours and asking “why does $27–$30 matter so much?” it’s because those numbers correspond to the two deal paths the market is weighing.
1) Paramount Skydance tender offer: $30 per share, expires Jan. 8 (unless extended)
Paramount Skydance says it has commenced an all-cash tender offer for WBD Series A shares at $30.00 per share, describing it as an offer for all of WBD, including the Global Networks segment. It also states the offer is scheduled to expire at 5:00 p.m. New York City time on January 8, 2026, unless extended. [6]
Paramount characterizes its proposal as implying an enterprise value of $108.4 billion. [7]
2) Netflix merger agreement: $27.75 per share (mixed consideration) tied to a spin plan
In the same Paramount materials, Paramount contrasts its bid with what it describes as a Netflix structure valued at $27.75 per share, consisting of $23.25 in cash and $4.50 in stock (with mechanics described as including a collar). [8]
Separately, the Associated Press has reported WBD’s board urged shareholders to back Netflix’s $72 billion cash-and-stock offer instead of Paramount’s higher all-cash proposal, arguing Paramount’s bid carries significant financial and regulatory risk. [9]
WBD’s board stance: “reject Paramount,” proceed with Netflix
WBD has not been neutral about this contest.
In its own investor communications, WBD said its board unanimously determined Paramount Skydance’s tender offer is not in the best interests of WBD shareholders and does not qualify as a “Superior Proposal” under the Netflix merger agreement. The company reiterated its recommendation that shareholders reject Paramount’s offer and support the Netflix combination. [10]
WBD’s statement also pushed back on the idea that Paramount offers meaningfully cleaner regulatory odds, saying there is “no material difference in regulatory risk” between the Paramount proposal and the Netflix merger. [11]
That posture matters for the stock because it shapes the “base case”: WBD management is currently steering toward Netflix, which can reduce the probability of Paramount success unless Paramount makes an offer shareholders find too compelling to ignore—or materially improves certainty.
So what does the market believe tonight? Read the spread, not the headlines
At $27.77 into the close and roughly $27.99 after hours, WBD is trading:
- Near/just above the $27.75-per-share Netflix reference level cited in deal coverage
- Well below the $30 Paramount tender-offer headline price [12]
This setup often creates a classic merger-arbitrage “probability mix.” In plain English: the stock price suggests investors are treating a higher outcome (Paramount raising terms, Netflix sweetening, or another structure) as possible—but not guaranteed enough to push WBD all the way to $30.
It also reflects something else: in contested deals, terms (break fees, certainty of financing, regulatory path, what’s spun off, what’s left behind) can be worth real dollars. Reuters’ reporting on Harris Associates underscores that sophisticated holders may rank “deal quality” as highly as price. [13]
Today’s notable analysis: “content power” is the strategic prize
Beyond stock-and-deal mechanics, several analyses published today emphasize why bidders are fighting so aggressively for WBD’s library and franchises.
A prominent example: TheWrap, citing Parrot Analytics demand data, reported that from January through November 2025, WBD titles represented 16.2% of U.S. demand for all TV series, second only to Disney at 18%. It also estimated a Netflix + WBD combination would represent 26.0% demand share, while a Paramount + WBD combination would be about 27.1%. [14]
Whether or not you treat that metric as a perfect proxy for monetization, it frames what’s really being bought: a franchise engine and a prestige pipeline that can tilt streaming economics for years.
Analyst forecasts: why the “normal” 12‑month price target may be misleading right now
One challenge with writing about “forecasts” for WBD on a day like today: most traditional analyst price targets were built for a stand-alone company, not a company in the middle of a takeover contest with multiple moving parts.
Still, investors do look at them as a reality check.
MarketBeat consensus: $23.22 average target, “Moderate Buy”
MarketBeat’s consensus snapshot shows:
- Consensus rating: “Moderate Buy” (based on 27 analyst ratings)
- Consensus 12‑month price target:$23.22
- Range shown: $10 low to $35 high [15]
With WBD at about $27.77 at the close, that implies a forecasted downside on that dataset—again, highlighting how takeover pricing can pull a stock above “normal” valuation anchors. [16]
Simply Wall St: fair value estimate suggests “overvalued” vs today’s close
Simply Wall St’s narrative summary today highlighted a “most popular narrative” fair value of $24.10 versus WBD’s $27.77 close, framing the stock as about 15.2% overvalued on that particular narrative measure. [17]
It also notes a separate DCF framing that suggests a much thinner mispricing, underscoring the bigger point: reasonable models can diverge, and deal uncertainty can dominate both. [18]
How to interpret this tonight:
- If the deal environment cools down, “stand-alone” targets may regain relevance fast.
- If bidding intensifies, price targets can become less predictive than deal math and regulatory odds.
What to know before the next market open
First, a calendar reality check
Because December 20, 2025 is a Saturday, U.S. stock markets are closed “tomorrow.” The next regular-session open after Friday’s close is Monday, December 22, 2025.
That matters because WBD now has two full days of headline risk before the next cash session: a single Sunday-night report, tweet, or filing can reshape expectations for Monday’s open.
Monday watchlist: the 9 things most likely to move WBD at the open
1) Any sign of a revised Paramount offer
After Reuters’ reporting, the market’s immediate question is: does Paramount change terms to answer the “fixable” concerns raised by Harris Associates? [19]
2) Financing clarity and “deal certainty” language
WBD’s board has characterized the Paramount offer as imposing significant risks and costs, and Paramount has argued its offer provides a faster, more certain path. Any new detail that strengthens or weakens those claims could move the spread. [20]
3) The January 8 tender-offer deadline gets closer
Paramount’s tender offer is scheduled to expire January 8, 2026 unless extended. As that deadline approaches, markets often become more sensitive to tactical headlines (extensions, amendments, shareholder solicitations, etc.). [21]
4) SEC filings and formal communications
Weekend filings are not unusual in large transactions. Investors will be scanning for updated documents tied to the tender offer and the merger process.
5) Regulatory posture and political headlines
Regulatory review is a real swing factor for both bidders. For example, Senators Warren and Blumenthal have publicly called for Attorney General Pam Bondi to recuse herself from DOJ review of WBD-related deals, citing potential conflicts tied to her former lobbying firm (as described in their release). [22]
Even when such developments don’t change the legal timeline immediately, they can change perceived “risk discounts” on Monday morning.
6) The “content power” narrative
Analyses highlighting WBD’s portfolio strength (and how it changes competitive dynamics for Netflix, Disney, and others) can support higher strategic valuations—especially if new data points drop over the weekend. [23]
7) Price behavior around the deal “gravity points”
Traders will be watching whether WBD:
- Holds above the $27.75 Netflix reference level cited in deal coverage, or
- Starts trending toward $30, which would suggest growing confidence in a higher/cash outcome. [24]
8) After-hours liquidity caveat
Friday after-hours trading can be thin. A small move to $27.99 is informative, but Monday’s open will be the real “vote” once full liquidity returns. [25]
9) Broader market positioning after a high-volume Friday
Friday was also a major options expiration session (“triple witching”), which can amplify volume and short-term moves. If flows were distorting prices into the close, Monday can sometimes look very different. [26]
Bottom line: WBD remains a deal-driven stock, not a fundamentals-driven stock—at least for now
After the bell on December 19, 2025, WBD’s move higher in extended trading keeps the stock pinned in the narrow band between:
- a Netflix-referenced value zone in the high $27s, and
- the Paramount $30 cash offer level. [27]
Today’s most market-moving development was not a new bid—it was a signal from a major shareholder that Paramount could still win support if it improves terms and consideration. That alone is enough to keep the “revised bid” scenario alive into the weekend. [28]
References
1. www.google.com, 2. www.investing.com, 3. www.google.com, 4. www.reuters.com, 5. www.reuters.com, 6. www.prnewswire.com, 7. www.prnewswire.com, 8. www.prnewswire.com, 9. apnews.com, 10. ir.wbd.com, 11. ir.wbd.com, 12. www.prnewswire.com, 13. www.reuters.com, 14. www.thewrap.com, 15. www.marketbeat.com, 16. www.marketbeat.com, 17. simplywall.st, 18. simplywall.st, 19. www.reuters.com, 20. ir.wbd.com, 21. www.prnewswire.com, 22. www.warren.senate.gov, 23. www.thewrap.com, 24. www.prnewswire.com, 25. www.google.com, 26. www.reuters.com, 27. www.google.com, 28. www.reuters.com
