Warner Bros. Discovery is reassessing its strategic options after receiving an updated takeover proposal from Paramount Skydance, even as its previously announced transaction with Netflix continues to stand.
The fresh development follows Paramount Skydance’s renewed push to acquire Warner Bros. Discovery at $30 per share in cash, a move that places the company’s valuation at about $108.4 billion, including debt. The offer came after Warner Bros. Discovery agreed in December 2025 to sell its film studio and HBO Max streaming business to Netflix at $27.75 per share, valuing the group at roughly $83 billion.
Brandspur Banking News Desk understands that Paramount’s revised bid retains the same headline price but introduces additional financial sweeteners aimed at strengthening shareholder value. These include a quarterly 25-cent-per-share “ticking fee” beginning in 2027 if the transaction remains pending after December 31, 2026, translating to around $650 million in cash each quarter.
Paramount has also offered to absorb the $2.8 billion breakup fee tied to the Netflix agreement should Warner Bros. Discovery walk away, while committing to remove up to $1.5 billion in potential refinancing costs. Board members are now weighing whether the enhanced terms outweigh the certainty and structure of the Netflix deal.
At the centre of the bidding battle are Warner Bros. Discovery’s prized assets, including its film and television studios, extensive content catalogue, major franchises such as Game of Thrones, Harry Potter and DC Comics, as well as the HBO Max platform. While no final decision has been announced, the board is reviewing all options as shareholder pressure mounts and both suitors signal readiness to improve their offers.
