The bidding war for control of Warner Bros. Discovery has entered a new phase, with Paramount Skydance raising its offer in a renewed push to thwart Netflix’s planned acquisition. Industry sources familiar with the discussions told Reuters that Paramount’s revised bid improves upon its earlier proposal — which valued WBD at roughly $108.4 billion or $30 per share — in a bid to alleviate concerns about financing certainty and appeal directly to shareholders.
Netflix currently holds a preferred position under its merger agreement with Warner Bros. Discovery, having offered $27.75 per share (about $82.7 billion) for the studio and streaming units. Under the terms of that agreement, Netflix is allowed to match any higher offer Paramount puts forward.
Paramount’s aggressive strategy is backed by billionaire investor Larry Ellison and includes incentives such as covering termination fees and structuring financial assurances to close the deal. Warner Bros. Discovery’s board had previously rejected Paramount’s enhanced bids, arguing they did not meet the criteria of a “superior proposal,” but set a deadline for a “best and final offer.” Paramount’s latest escalation suggests the company is serious about winning control of the iconic asset.
This escalating battle highlights how valuable intellectual property — including franchises likeHarry PotterandGame of Thrones— has become in the era of streaming dominance. The outcome will significantly shape the future competitive landscape of entertainment and content distribution. Analysts have also noted that Netflix may respond with a counter-increase if Paramount’s offer proves compelling.
Shareholders of Warner Bros. Discovery are scheduled to vote on the Netflix deal on March 20, 2026, a key milestone that could determine which suitor ultimately prevails.
