The announcement follows a previous declaration on December 5th that Netflix was acquiring Warner Bros' film and streaming businesses for $72 billion (USD), equivalent to approximately 54 billion euros, a deal that would reshape the global media landscape. The Warner Bros board stated that the Paramount offer did not align with the best interests of its shareholders and failed to meet the criteria of a "superior proposal."

Paramount had argued that its offer was "superior" to the Netflix deal, proposing to acquire all of Warner Bros' entities, including its television channels such as CNN and TNT, which have significant international reach and influence. The potential acquisition of these channels raised questions about media consolidation and its impact on diverse voices in news and entertainment globally.

Samuel Di Piazza Jr., chair of the Warner Bros board of directors, affirmed the board's unanimous support for the Netflix deal. "Paramount's offer continues to provide insufficient value, including terms such as an extraordinary amount of debt financing that create risks to close and lack of protections for our shareholders if a transaction is not completed," Di Piazza Jr. stated. "Our binding agreement with Netflix will offer superior value."

The competing offers highlight the ongoing consolidation within the global media industry, driven by the rise of streaming services and the need to compete in an increasingly digital marketplace. The Netflix deal, if finalized, would further solidify the company's position as a dominant player in the international streaming arena, potentially impacting content production and distribution across various regions. The proposed acquisition also raises concerns about the future of traditional media outlets and their ability to compete with streaming giants. The situation remains fluid, with shareholders now facing a critical decision that will have far-reaching implications for the future of Warner Bros Discovery and the broader media ecosystem.