Paramount Skydance Issues New Bid — Warner Bros. Discovery to Review While Still Backing Netflix Deal

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According to Deadline, Paramount Skydance has made a revised, higher offer to buy Warner Bros. Discovery, though the specific amount hasn’t been revealed yet.

Warner Bros. Discovery is facing another crucial moment in the ongoing competition within the media industry. The company is now considering a new proposal from Paramount and Skydance, even though it has already advised its shareholders to approve its current deal with Netflix.

A recent report in Variety indicates that Warner Bros. Discovery’s board will likely update investors on the latest offer from Paramount Skydance before the shareholder vote on the Netflix deal on March 20th. This brings the ongoing discussions between Paramount and Warner Bros. back into focus, as several major companies compete to control important parts of the entertainment industry.

A Complicated Three-Way Fight

Warner Bros. Discovery has a deal with Netflix worth almost $83 billion. Netflix plans to buy Warner Bros.’ studio and streaming services for $27.75 per share in cash. Current Warner Bros. Discovery shareholders would then own part of a new, separate company – called Discovery Global – which would include their traditional TV networks and the Discovery+ streaming service.

Paramount Skydance has reportedly made a significantly higher offer to buy all of Warner Bros. Discovery, including its cable networks. Their previous bid was worth about $108 billion, or $30 per share, but details of their latest offer haven’t been released yet.

According to a letter reported by Variety, Warner Bros. Discovery had asked Paramount to confirm its final offer, wanting assurance that the price per share would be above $31. Experts on Wall Street generally believed Paramount would counter with a bid of $32 per share or more.

Netflix Holds the Next Move

If Warner Bros. Discovery officially examines the deal between Paramount and Skydance, Netflix will then have a crucial decision to make. They’ll reportedly have just four days to either match the new, better offer or withdraw from the potential agreement.

Netflix co-CEO Ted Sarandos has suggested the company won’t overspend in competitive bidding situations. He told Variety that Netflix has a track record of choosing not to pursue content if the price gets too high, preferring to let others pay a premium.

Netflix seems likely to stick to its existing deal terms unless Paramount significantly changes the financial aspects of their agreement.

Paramount’s Long Pursuit

This recent move is just the latest in Paramount’s ongoing efforts to acquire Warner Bros. Discovery.

In September 2025, David Ellison, head of Skydance, first contacted Warner Bros. Discovery CEO David Zaslav with an offer of $19 per share, soon after Skydance finalized its purchase of Paramount Global. Since then, Warner Bros. Discovery’s board has turned down Skydance’s attempts to acquire the company on nine different occasions.

Paramount is currently receiving a bid supported by Larry Ellison, RedBird Capital Partners, and loans from Bank of America, Citigroup, and Apollo Global Management. Investors also include wealth funds from Saudi Arabia, Qatar, and the United Arab Emirates (Abu Dhabi).

What Happens Next

Warner Bros. Discovery is currently walking a fine line. They’re legally obligated to consider the new deal from Paramount and Skydance, but they’re also publicly supporting the existing agreement with Netflix.

The next few weeks will be critical in deciding if the potential merger between Paramount and Warner Bros. will be a major change in the media landscape. It will also determine if Netflix decides to step away and allow Paramount to take the lead.

The fight for control of Warner Bros. Discovery isn’t finished, as a key shareholder vote is coming up in March and several wealthy companies are competing to influence the outcome.

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2026-02-24 16:56