华纳兄弟探索（WBD）计划因融资与条款疑虑，拒绝派拉蒙天舞的敌意收购投标（每股30美元）。董事会将敦促股东拒绝要约，并认为与Netflix既有协议更具价值与确定性：每股27.75美元、含负债约830亿美元。公司对派拉蒙投标的回应最早可于周三提交，但目前仍未作最终决定。

主要卡点在于融资结构：股权由大卫·艾里森之父、软体富豪拉里·艾里森的信托提供后盾，但该信托可撤销，资产可随时被移出，WBD可能无追索权。12月16日，库什纳领导的Affinity Partners退出交易；此外，腾讯原本约10亿美元的融资也因可能引发美国监管的国安疑虑而撤回。董事会亦担心出售可能需一年或更久才能获批，期间公司缺乏足够弹性来经营与管理资产负债；派拉蒙称已处理再融资弹性，并以艾里森家族为50亿美元分手费提供后盾。

在数字上，派拉蒙对WBD的估值为含负债逾1080亿美元，较Netflix的约830亿美元高出约250亿美元（约30%）；每股30美元也比27.75美元高2.25美元（约8%）。派拉蒙称30美元并非「最后与最佳」，暗示仍可加价。WBD股价收于28.90美元，接近投标价，显示部分投资人押注更高价格；同时，与Netflix的协议禁止主动征求其他方案，但允许接收来案，且若出现更优提案，Netflix享有跟价权。

Warner Bros. Discovery (WBD) plans to reject Paramount Skydance’s hostile tender offer over financing and other terms, according to people familiar. The board is expected to urge shareholders to reject the $30-per-share bid and continues to favor its existing Netflix agreement at $27.75 a share, worth about $83 billion including debt. A formal response could be filed as early as Wednesday, though no final decision has been made.

A key concern is deal funding: the equity is backstopped by a trust tied to David Ellison’s father, billionaire Larry Ellison, but as a revocable trust its assets can be removed at any time, potentially leaving WBD without recourse. On Dec. 16, Affinity Partners withdrew its support; separately, roughly $1 billion of Tencent financing was pulled amid U.S. national-security concerns. WBD also worries a sale could take a year or more to clear regulators, restricting operating and balance-sheet flexibility; Paramount says it addressed refinancing flexibility and a $5 billion breakup fee backstopped by the Ellison family.

Numerically, Paramount’s offer values WBD at more than $108 billion including debt, about $25 billion (~30%) above Netflix’s ~$83 billion, and pays $2.25 (~8%) more per share than $27.75. Paramount says $30 isn’t its “best and final,” implying room to raise the price. WBD closed at $28.90, near the bid, suggesting some investors expect a bump; meanwhile, the Netflix deal bars solicitation but allows incoming proposals and gives Netflix matching rights if a superior offer emerges.