An aerial view of the Paramount logo on the water tower at Paramount Studios, in Los Angeles, California, February 23, 2026. JUSTIN SULLIVAN / AFP
Warner Bros Discovery said Tuesday it has received a revised acquisition proposal from Paramount Skydance, signaling that the offer could open the door to the company rethinking its deal with Netflix.
The sweetened offer was the latest installment of a bidding war set to reshape Hollywood and US media, and has drawn White House attention, with President Donald Trump insisting he will have a say on the outcome.
In a significant development, Warner Bros Discovery's board said Tuesday that Paramount's revised bid "could reasonably be expected to lead to" a superior proposal to the existing Netflix deal – a key legal threshold that would allow for more formal negotiations with Paramount.
Warner Bros said Paramount's revised offer includes a purchase price of $31.00 per share in cash, a one-dollar-per-share increase from its earlier offer, which was valued at around $108 billion. Paramount has also offered to cover the $2.8 billion termination fee Warner Bros would owe Netflix if it walked away from their deal and pledged a $7 billion fee payable to Warner Bros should the Paramount transaction fail to close due to regulatory hurdles.
