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Warner Bros opens talks with rival Paramount, weighs raised $31 per share bid

Published by Global Banking & Finance Review®

Posted on February 24, 2026

1 min read

Last updated: February 24, 2026

Warner Bros opens talks with rival Paramount, weighs raised $31 per share bid - Finance news and analysis from Global Banking & Finance Review

Tags:corporate governance

Quick Summary

Paramount Skydance raised its bid for Warner Bros Discovery, intensifying a bidding war with Netflix. Warner’s board still backs Netflix’s deal and set a March 20, 2026 vote; Netflix can match if Paramount’s offer is deemed superior.

Feb 24 (Reuters) - Warner Bros Discovery opened the door on Tuesday to Paramount Skydance after the company led by David Ellison raised its offer to $31 per share.

Netflix, which agreed to buy Warner Bros Discovery's studio and streaming service HBO, has four days to match the new terms.

Paramount made its bid after a week of talks between the companies to address the Warner board's concerns with previous bids, which they've rejected in favor of Netflix's $27.75 per share, or $82.7 billion, deal for its studio and streaming assets.

Warner's board said it has not determined whether the revised Paramount proposal is superior to the merger with Netflix, but that directors will engage further.

Netflix did not immediately respond to a request for comment.

(Reporting by Svea Herbst-Bayliss in Boston, Aditya Soni and Harshita Mary Varghese in Bengaluru; Editing by Arun Koyyur, Nick Zieminski and Lisa Shumaker)

Key Takeaways

•Paramount Skydance submitted a higher, revised bid for Warner Bros Discovery amid a battle with Netflix.
•Warner Bros’ board continues to recommend the existing Netflix agreement and has set a March 20, 2026 vote.
•If Paramount’s offer is deemed superior, Netflix has four days to match under the merger terms.
•Netflix’s proposal excludes cable networks, which are slated to be spun off as Discovery Global; Paramount bids for the whole company.
•Either outcome would reshape Hollywood by uniting major franchises and expanding content libraries.

Frequently Asked Questions about Warner Bros opens talks with rival Paramount, weighs raised $31 per share bid

1What is the main topic?

A revised, higher bid from Paramount Skydance for Warner Bros Discovery escalates its bidding war with Netflix, which already has a signed agreement for Warner’s studio and streaming assets.

2How do the bids differ?

Netflix’s deal focuses on Warner’s studio and streaming assets with Discovery Global spun off, while Paramount offers to acquire the entire company and has proposed covering any breakup fee.

3What happens next?

Warner Bros’ board still backs the Netflix transaction and has scheduled a shareholder vote for March 20, 2026. If Paramount’s bid is judged superior, Netflix gets four days to match.

Key Takeaways

•Paramount Skydance submitted a higher, revised bid for Warner Bros Discovery amid a battle with Netflix.

•Warner Bros’ board continues to recommend the existing Netflix agreement and has set a March 20, 2026 vote.

•If Paramount’s offer is deemed superior, Netflix has four days to match under the merger terms.

•Netflix’s proposal excludes cable networks, which are slated to be spun off as Discovery Global; Paramount bids for the whole company.

•Either outcome would reshape Hollywood by uniting major franchises and expanding content libraries.

Frequently Asked Questions

1What is the main topic?

A revised, higher bid from Paramount Skydance for Warner Bros Discovery escalates its bidding war with Netflix, which already has a signed agreement for Warner’s studio and streaming assets.

2How do the bids differ?

Netflix’s deal focuses on Warner’s studio and streaming assets with Discovery Global spun off, while Paramount offers to acquire the entire company and has proposed covering any breakup fee.

3What happens next?

Warner Bros’ board still backs the Netflix transaction and has scheduled a shareholder vote for March 20, 2026. If Paramount’s bid is judged superior, Netflix gets four days to match.