Paramount ups the Ante — WBD to Weigh New Offer, Netflix Gets Four Days to Respond

With input from CNBC, Axios, the New York Times, and the Wall Street Journal.

Warner Bros. Discovery said Tuesday it has received a revised takeover proposal from Paramount Skydance and will review the pitch alongside the deal it already has on the table with Netflix. If the board decides Paramount’s is a superior offer, Netflix will have four business days to either match or top it.

Warner’s board reaffirmed it still recommends the Netflix transaction for now — that December agreement prices the studio-and-streaming piece at about $27.75 a share — but said it’s consulting advisers as it reviews Paramount’s revised terms. Paramount confirmed it submitted a new bid and is continuing its tender offer to shareholders while the review runs.

Paramount previously launched a hostile $30-per-share bid for the whole company (which would include cable networks like CNN and Discovery), and reports have suggested it might be willing to go to $31 a share or sweeten terms to win support. Paramount has also said it would pick up Warner’s $2.8 billion breakup fee if a Netflix exit is triggered — a key move to blunt the Netflix agreement’s protections.

If Warner’s board declares Paramount’s proposal superior and Netflix doesn’t improve its offer, shareholder math and the timing window could flip the whole deal process — and trigger another round of shareholder outreach, legal wrangling and regulatory review. Both the Netflix and Paramount paths face antitrust scrutiny in the US and Europe, so even a winning bid still has hurdles.

The fight has drawn political attention — including public pressure from Donald Trump — and heavy hitters behind the bids. Paramount’s bid is backed by David Ellison and big-pocket supporters; Netflix executives have pushed back that their deal is done and regulators will handle any competition questions.

Warner plans to update investors after the board finishes its review. Shareholders are slated to vote on the Netflix deal in March, but that calendar could shift if the board calls Paramount’s offer superior. Expect pick-up in proxy mailings, more public statements from the bidders, and fresh attention from antitrust enforcers.

This is classic Hollywood deal theater: a headline-making rival offer, a tight matching window, and months of legal and regulatory work ahead. For now, Netflix’s pact still stands — but Paramount just forced the company back into the ring.