Warner Bros. Discovery (WBD) is now reviewing a fresh offer from Paramount Skydance, which comes after WBD had already agreed to sell its studio and streaming arm to Netflix. The new proposal is higher than the original, so WBD’s board will compare it against the Netflix deal.  

Last week, WBD re‑opened talks with Paramount during a seven‑day pause that was granted by Netflix. That pause lets WBD explore other offers while still being bound to the Netflix agreement. Paramount’s latest bid is aimed at buying all of WBD, including its major networks and digital properties.  

WBD said it is looking at the revised offer with help from its financial and legal advisers, and shareholders will be told what happens after the board’s decision. The Netflix agreement is still in force, and WBD keeps recommending that path unless the Paramount bid proves better.  

If WBD thinks Paramount’s new price is more attractive, Netflix will have a short window—just four days—to raise its own offer. The current Netflix bid values WBD’s studio and streaming business at about $27. 75 per share, which totals roughly $72 billion in assets and an enterprise value near $82. 7 billion.  

Paramount has already launched a hostile tender, offering $30 per share for WBD’s entire company. That includes big cable names like CNN and TBS, as well as digital brands such as Bleacher Report. If WBD accepts Paramount’s offer and Netflix does not improve, Netflix would have to pay a $2. 8 billion breakup fee; Paramount has agreed to cover that cost.  

A merger between Paramount and WBD would combine two of the biggest movie studios—Warner Bros. and Paramount Skydance—and merge streaming services HBO Max with Paramount+. It would also bring CNN and CBS News under one umbrella.  

Both the Netflix deal and a potential Paramount merger must clear U. S. and European regulators, and each has faced criticism for possible antitrust issues.

Warner Bros. Discovery Faces a New Bid from Paramount

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