We're offering a free 2-week trial of WrapPRO. If you’ve been wanting to check out our full coverage, now’s the time. Greetings!Just a few months ago, if you had told me that Comcast spinoff Versant would be the critical component of an increasingly complicated calculation that could determine the fate of Warner Bros. Discovery, I'd laugh you off. Yet here we are in January 2026, with Paramount's latest statement issued Thursday in response to Warner Bros. Discovery's eighth rejection of its bid. Paramount said it would hold firm on its $30-a-share offer and laid out its rationale — with Versant playing a central role. As a refresher, Netflix's bid to buy Warner Bros. studio and streaming business includes a mix of cash and Netflix stock. The extra value would come with the spinoff of Discovery Global, slated for the third quarter. But Paramount is arguing that Discovery Global, which will be saddled with significant debt, is essentially worthless and that there would be no extra value (Paramount conceded that it may have a per-share value of 50 cents based on acquisition potential). Versant's stock activity may help Paramount's argument. Since it began trading on Monday, shares dropped more than 20%, although they rallied a bit on Thursday, ending up 1.2% to $33.69. 
This argument is critical for Paramount, which isn't showing signs that it will budge. But with Warner Bros. and some of its shareholders signaling that only a sweeter bid would get them to even consider breaking from Netflix, Paramount may be at an impasse beyond the nuclear option of suing WBD over its claims that the process was unfair to begin with. Roger Cheng 
It may be too early to tell how Versant's stock will ultimately fare, but the initial days of trading have been rough... 
To continue reading, subscribe now with a 2-week free trial.Free for 14 Days – Then Just $4/Week 
Free for 14 days, then $4/week (billed annual at $199). Renews yearly. Cancel anytime to avoid future charges. | ||||||||||||
