Paramount Skydance is currently involved in a competitive bid for Warner Bros. Discovery (WBD), attempting to challenge Netflix’s $82.7 billion deal for the company. According to NBC News, WBD announced on Tuesday that it has rejected Paramount's latest bid of $30 per share but will allow them until February 23rd to submit their “best and final offer.”
The report also mentioned that a senior executive from Paramount suggested a willingness to extend an offer of $31 per share if discussions were initiated. Paramount Skydance is expected to make its final offer by next Tuesday. Meanwhile, Warner Bros. Discovery continues to endorse Netflix's deal and has encouraged shareholders to support it. A shareholder vote is set for March 20th.
Paramount is seeking to acquire all of Warner Bros. Discovery, including its Global Networks division, which is planned to be spun off in Netflix's deal. Netflix’s current offer is $27.75 per share, excluding the networks. If Paramount submits a favorable bid, Netflix has the option to match or improve upon it.
WBD has expressed that Paramount's offer lacks sufficient value compared to Netflix’s. They have repeatedly rejected bids from the company led by David Ellison, arguing that a takeover by Paramount would result in significantly more job losses due to redundancies that Netflix does not face. Both WBD and Netflix contend that Paramount's bid could leave the company over-leveraged with debt, necessitating major cuts. They also dispute Paramount's claims that navigating regulatory approval would be easier for them.
In a statement, Netflix confirmed that it granted a “seven-day waiver” to allow WBD to engage with Paramount Skydance in order to resolve the situation. Netflix accused Paramount Skydance of creating distractions within the industry, stating:
“Together, Netflix and Warner Bros. will deliver more choice and greater value to audiences worldwide with expanded access to exceptional films and series – both at home and in theaters. Our transaction also expands production capacity and increases investment in original content, leading to long-term job creation. The Netflix transaction is centered on growth, opportunity, and a reinforced commitment to creating world-class films and television – not consolidation and layoffs.”
Netflix further criticized Paramount for “mischaracterizing the regulatory review process” by suggesting that its proposal would easily pass approval, potentially misleading WBD shareholders about the actual risks associated with their proposal. They emphasized that WBD shareholders should not be led to believe that Paramount has an easier or quicker path to regulatory approval. Netflix pointed out that both companies secured German Foreign Direct Investment (FDI) clearance on the same day—January 27, 2026—and accused Paramount of exaggerating their progress.
In response, Paramount called the seven-day window “unusual” but expressed their willingness to engage in good faith and constructive discussions. They reiterated their $30 per share offer without indicating whether a higher bid is forthcoming.
Additionally, AEW (All Elite Wrestling), a broadcast partner of WBD, is expected to remain with Discovery, the spinoff Global Linear Networks, if the Netflix deal proceeds. AEW’s weekly shows and pay-per-views are anticipated to remain available on HBO Max.
