Paramount Escalates Bidding War with 31 Dollar Per Share Offer for Warner Bros Discovery

Fresh cash bid forces Warner Bros Discovery board to reassess its Netflix deal as a high-stakes media showdown unfolds.

Paramount Skydance has intensified the battle for Warner Bros Discovery (WBD), raising its takeover offer to $31 per share in cash and putting fresh pressure on the company’s existing agreement with Netflix.

The revised bid, up from $30 per share, signals Paramount’s determination to acquire the entire media conglomerate, including its cable networks, film studios and streaming platforms. The proposal now stands above Netflix’s December agreement to acquire WBD’s studio and streaming assets for $27.75 per share, a deal which valued those assets at roughly $72 billion.

WBD’s board confirmed it is reviewing the updated offer with financial and legal advisors. “The Board has not made a determination as to whether the revised PSKY proposal is superior to the merger with Netflix,” the company said in a statement, underscoring that the Netflix agreement remains active for now.

Paramount has strengthened its pitch with significant financial protections. It is offering a $7 billion breakup fee if regulators block the merger and has agreed to cover the $2.8 billion termination fee WBD would owe Netflix if it exits that deal. A ticking fee tied to regulatory delays has also been included. If the board determines Paramount’s bid is superior, Netflix will have four days to submit a higher counteroffer.

Beyond the numbers, the outcome could reshape the global media landscape, combining major streaming platforms, news brands and film studios under one ownership structure, while drawing intense regulatory scrutiny on both sides of the Atlantic.