华纳兄弟探索（WBD）计划最早在周三向股东建议拒绝派拉蒙提出的1,080亿美元敌意收购，该案为全现金、每股30美元的要约收购；WBD对甲骨文共同创办人拉里·埃里森是否会为交易提供兜底资金持怀疑态度。周二WBD股价约29美元，显示市场预期派拉蒙可能加价。川普女婿库什纳的Affinity Partners周二退出，其自10月起一直支持该提案。

WBD预计在文件中提出四项核心批评，指派拉蒙的估值、融资与条款相较于本月稍早达成的Netflix交易更差。Netflix提案对WBD的串流与片厂资产估值接近830亿美元，对价为每股23.25美元现金加4.50美元股票；该提案不包含其剩余电视资产（含CNN），而WBD自估这部分价值约每股3至5美元。管理层仍对新一轮派拉蒙出价持开放态度，但前提是提高价格并解决资金疑虑。

派拉蒙主张Netflix交易可能面临更高监管审查、成交风险更大；WBD董事会准备反驳称派拉蒙出价更不确定，因其融资依赖埃里森家族信托（以甲骨文股票计价约2,500亿美元），而非由拉里·埃里森本人承诺。Netflix提供58亿美元解约金，显示其对取得监管核准有信心。监管方也可能关注卡达、沙乌地与阿布达比主权基金对交易承诺的240亿美元资金，约为埃里森家族出资的2倍；同时华府游说版图变动，Ballard事务所保留Netflix、放弃派拉蒙。

Warner Bros Discovery (WBD) plans to recommend as soon as Wednesday that shareholders reject Paramount’s $108bn hostile bid, an all-cash $30-per-share tender offer, citing skepticism that Oracle co-founder Larry Ellison will backstop the financing. WBD traded near $29 on Tuesday, suggesting investors expect a sweeter bid. Jared Kushner’s Affinity Partners, involved since October, withdrew on Tuesday.

WBD is expected to list four core objections, arguing Paramount’s value, financing, and terms are inferior to Netflix’s deal agreed earlier this month. Netflix values WBD’s streaming and studio assets at nearly $83bn and offers $23.25 cash plus $4.50 stock per share; it excludes remaining TV assets (including CNN) that WBD values at roughly $3–$5 per share. Management remains open to a revised Paramount bid if funding concerns are resolved and price increases.

Paramount says Netflix would face greater regulatory scrutiny and closing risk; WBD plans to counter that Paramount is less certain because it relies on the Ellison family trust (about $250bn in Oracle stock) rather than Larry Ellison personally. Netflix includes a $5.8bn termination fee, signaling confidence in approvals. Regulators may also scrutinize $24bn pledged by Qatar, Saudi Arabia, and Abu Dhabi sovereign wealth funds—about 2× the Ellisons’ contribution—while Washington lobbying signals shift as Ballard’s firm kept Netflix and dropped Paramount.