Read the memo WBD CEO David Zaslav sent employees after rejecting Paramount for the 8th time

Core Viewpoint - Warner Bros. Discovery (WBD) has rejected Paramount's takeover offer for the eighth time, affirming its commitment to its existing deal with Netflix, which is considered superior by WBD's board [1][3]. Group 1: Reasons for Rejection - The board of WBD conducted a thorough review of Paramount's latest offer, supported by independent financial and legal advisors, and found it to offer "insufficient value" compared to Netflix's bid [2][3]. - Additional costs associated with Paramount's offer, such as a break-up fee to Netflix, were cited as a reason for its rejection [3]. - There was a noted "lack of certainty" regarding Paramount's ability to complete the deal due to its significant debt financing [3]. Group 2: Company Strategy and Focus - WBD's CEO, David Zaslav, emphasized that the company's operating plans remain unchanged and that priorities for 2026 are clear and intentional [7][11]. - The 2026 goals process is set to launch in February, indicating a structured approach to future planning [8][11]. - Zaslav encouraged employees to maintain focus on their work and the company's strategic direction as they start the year [8][12].