The new all-cash bid — at US$27.75 a share — has unanimous support from the Warner Bros board, according to a Tuesday regulatory filing. Paramount shares were down 1.9%, while Warner Bros' shares down 0.5% in early trading. Alex Fitch, portfolio manager for Harris Oakmark, the fifth largest investor in Warner Bros with about 96 million shares as of Sept 30, predicted the bidding war for Warner Bros may not be over. "The merger consideration is a fixed cash amount to be paid by an investment-grade company, providing [Warner Bros] stockholders with certainty of value and liquidity immediately upon closing the merger," Warner Bros said. "A cash bid strips away uncertainty and is unquestionably more appealing from Warner Bros.’ perspective, even if it does nothing to ease regulatory scrutiny."

Source: The Edge Markets January 20, 2026 12:19 UTC