Why Is PSKY Stock Up in Premarket Today? Paramount Reaffirms $30 WBD Bid

Paramount Skydance Corporation (NASDAQ: PSKY) shares jumped 2.69% in premarket trading on January 9, 2026, reaching $12.60 at 4:43:59 AM EST, following the company’s reaffirmation of its $30 per share all-cash offer to acquire Warner Bros. Discovery (NASDAQ: WBD). The entertainment giant issued a press release on January 8 challenging WBD’s decision to reject its proposal and arguing that its bid is “unmistakably inferior” to the existing Netflix agreement.

This development comes as some of WBD’s largest shareholders remain divided on which offer provides better value, creating uncertainty in the ongoing bidding war for the media conglomerate.

Paramount Pushes Back, Calls $30 Offer “Clearly Superior”

Paramount Skydance has doubled down on its hostile takeover attempt, presenting detailed analysis showing that the total value of Netflix’s transaction to WBD shareholders is only $27.42 per share today, compared to Paramount’s firm $30 cash offer.

The company’s calculations factor in Netflix’s declining stock price, which has fallen below the collar established in the original agreement, and the questionable value of Discovery Global, the linear television spinoff that would be created under the Netflix deal.

Paramount argues that Discovery Global should trade at a significant discount to Versant Media, Comcast’s recently spun-off cable entity that has fallen nearly 18% since its debut, potentially leaving it with zero equity value.

Chairman and CEO David Ellison emphasized that Paramount’s offer “clearly provides WBD investors greater value and a more certain, expedited path to completion.” The company has addressed all of WBD’s concerns, including providing an irrevocable personal guarantee from Oracle CEO Larry Ellison for the $40 billion equity portion of the financing, alongside $54 billion in committed debt financing from Bank of America, Citibank, and Apollo Capital Management.

Despite WBD’s board unanimously rejecting the revised offer on January 8, calling it “inadequate” and citing concerns about debt financing and execution risk, Paramount remains committed to engaging directly with shareholders.

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PSKY Shares React as Investors Weigh Competing Bids

As of the January 8 market close, PSKY stock was trading at $12.27, down 0.81%, before surging in premarket hours. The stock has a 52-week range of $9.95 to $20.86 and a market capitalization of $13.54 billion. Over the past year, the stock has gained 15.3%, though it remains significantly below its highs.

The shareholder landscape is becoming increasingly complex, with major WBD investors split on the competing offers. Pentwater Capital, WBD’s 7th-largest shareholder, has publicly stated that the board is wrong for not engaging with Paramount’s proposal.

Meanwhile, WBD would face $4.7 billion in total costs to terminate the Netflix agreement, including a $2.8 billion breakup fee. Both potential deals face substantial antitrust scrutiny from U.S. and European regulators, with concerns that either combination would create excessive market concentration in the entertainment industry.

President Donald Trump has also indicated he plans to weigh in on the deals, adding another layer of uncertainty to the outcome.

Disclaimer: The author does not hold or have a position in any securities discussed in the article. All stock prices were quoted at the time of writing.