What's happened
As of February 24, 2026, Warner Bros. Discovery (WBD) is reviewing a revised, higher bid from Paramount Skydance to acquire the entire company for over $108 billion, surpassing Netflix's $83 billion offer for WBD's studio and streaming assets. WBD's board has not yet determined if Paramount's offer is superior but has allowed Netflix four days to counter if it is. The shareholder vote on Netflix's deal is set for March 20.
What's behind the headline?
Paramount's Strategic Bid Raises Stakes
Paramount's revised offer, reportedly exceeding $31 per share, intensifies the bidding war for Warner Bros. Discovery, challenging Netflix's previously agreed $27.75 per share deal. Paramount's bid includes the entire WBD company, encompassing cable networks like CNN, unlike Netflix's narrower focus on studios and streaming.
Regulatory and Political Complexities
Both deals face significant antitrust scrutiny in the US and abroad. Paramount argues its bid has a clearer regulatory path due to its ties with the Trump administration, while Netflix emphasizes its deal's simplicity and potential to protect jobs. Political interventions, including President Trump's public comments targeting Netflix's board, add uncertainty.
Shareholder Influence and Market Dynamics
Activist investors like Ancora Holdings have pressured WBD's board to reconsider Paramount's offer, citing valuation and regulatory risks with Netflix's deal. Paramount's willingness to cover breakup fees and offer quarterly cash payments aims to mitigate shareholder concerns.
Forecast and Implications
The March 20 shareholder vote on Netflix's deal remains pivotal. Should WBD's board deem Paramount's offer superior, Netflix will have four days to respond, potentially sparking a bidding war. Regulatory approvals will be decisive, with antitrust authorities scrutinizing market concentration and consumer impact.
Impact on Consumers and Industry
The outcome will reshape Hollywood's power structure, affecting content control, job security, and streaming competition. Consumers may face changes in subscription costs and content availability depending on the acquirer's strategy and regulatory conditions.
What the papers say
Lauren Hirsch of The New York Times reports that Warner Bros. Discovery is carefully reviewing Paramount's revised bid, which could lead to a counteroffer from Netflix within four days if deemed superior. Hirsch highlights the ongoing tension between the two suitors and the board's current recommendation for Netflix's deal. Business Insider UK details Paramount's increased offer to $31 per share and its strategy to cover breakup fees, emphasizing the regulatory and shareholder challenges both bids face. Al Jazeera provides context on the broader media landscape implications, noting the political dimensions, including President Trump's involvement and concerns over media consolidation. The New Arab underscores the regulatory hurdles and the potential for significant industry consolidation, while The Guardian and The Independent focus on the procedural aspects of the bidding war and shareholder engagement. Charles Gasparino of the NY Post offers insight into the regulatory skepticism surrounding Netflix's bid and the strategic positioning of Paramount backed by Larry Ellison. These varied perspectives collectively illustrate a complex, high-stakes negotiation influenced by financial, regulatory, and political factors.
How we got here
In December 2025, WBD agreed to sell its studio and streaming business to Netflix for $83 billion, rejecting Paramount's $108 billion bid for the entire company. Paramount launched a hostile takeover bid, appealing directly to shareholders and improving its offer multiple times. Regulatory scrutiny and shareholder concerns have complicated the sale, prompting WBD to reopen talks with Paramount under a waiver from Netflix.
Go deeper
- What are the main differences between Netflix's and Paramount's offers?
- How might regulatory scrutiny affect the Warner Bros. acquisition?
- What role is President Trump playing in this bidding war?
More on these topics
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Netflix, Inc. is an American technology and media services provider and production company headquartered in Los Gatos, California. Netflix was founded in 1997 by Reed Hastings and Marc Randolph in Scotts Valley, California.
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Warner Bros. Discovery is an upcoming American multinational mass media and entertainment conglomerate. The company will be formed though the merger of WarnerMedia and Discovery, Inc., which is expected to be completed by mid-April 2022.
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David Ellison is an American film producer and the founder and CEO of Skydance Media.
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ViacomCBS Inc. is an American diversified multinational mass media conglomerate formed through the merger of CBS Corporation and the second incarnation of Viacom in 2019, which were split from the original incarnation of Viacom in 2005.
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Lawrence Joseph Ellison is an American business magnate, investor, and philanthropist who is a co-founder and the executive chairman and chief technology officer of Oracle Corporation.
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David M. Zaslav is the president and chief executive officer of Discovery Inc., a position he has held since January 2007.
Most recently under Zaslav, Discovery acquired Scripps Networks Interactive, in a transaction which closed in March 2018.
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Donald John Trump is an American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021.
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Theodore Anthony Sarandos Jr. is an American businessman who serves as the co-chief executive officer and chief content officer for Netflix.
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Abigail Slater (née Conlon; born December 10, 1971) is an Irish-born American lawyer and political advisor who served as the United States assistant attorney general for the Department of Justice's Antitrust Division from March 2025 to February 2026.
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CNN is an American news-based pay television channel owned by CNN Worldwide, a unit of the WarnerMedia News & Sports division of AT&T's WarnerMedia.