What is Paramount's new offer for Warner Bros. Discovery?

Warner Bros. Discovery (WBD) is reviewing a revised takeover offer from Paramount Skydance, intensifying the bidding rivalry with Netflix for the control of Hollywood studio behind HBO, CNN, and Harry Potter.

On Tuesday, February 24, WBD confirmed that a revised proposal has been received from Paramount after a seven-day window to renew talks.

Although the new terms have not been disclosed in detail, reports suggest it has raised its offer above the previous $30 per share bid.

In contrast, Netflix agreed to buy WBD’s studio and streaming asset for $27.75 per share in December 2025. This valued the deal at around $72 billion.

Paramount, however, wants to get control of the entire WBD, including linear networks such as CNN, HGTV, and TNT, for an all-cash hostile tender offer.

Earlier, WBD’s board recommended the Netflix offer with an official vote for March 20.

But the company is legally obligated to review Paramount’s revised bid. If the board deems Paramount’s revised offer, Netflix will have four days to raise its offer or walk away, triggering a $2.8 billion breakup fee.

Both deals are under significant antitrust scrutiny. The Justice Department has already launched reviews, with critics warning of reduced competition and job losses.