Paramount Expected to Raise Price of Warner Bros. Bid, Will Netflix Walk Away?

Variety

by Todd Spangler

February 23, 2026

AI-Generated Deep Dive Summary

Paramount Skydance, led by David Ellison, is expected to raise its bid for Warner Bros. Discovery (WBD) above its previous $30-per-share offer in an effort to outbid Netflix and secure the deal. The deadline for Paramount’s final offer looms on Monday, with insiders suggesting a revised proposal could reach $32 per share. This move comes after WBD opened discussions with Paramount following permission from Netflix, which currently holds a $27.75-per-share agreement to acquire WBD’s studios and streaming businesses. The situation is highly charged, as WBD shareholders are set to vote on the Netflix deal at a special meeting in March. If Paramount’s offer surpasses $30 per share, Netflix has four days to either match or exceed it or walk away. Ted Sarandos, Netflix’s co-CEO, hinted at the company’s willingness to exit deals if others overpay, emphasizing disciplined buying and a history of letting others take on greater financial risks. Analysts predict that Paramount could push its bid higher than $34 per share to pressure Netflix into upping its offer. However, doing so may strain Netflix’s ability to maintain profitability, factoring in increased debt and potential cuts to programming spending. The outcome of this bidding war will determine whether Netflix retains control over WBD’s valuable assets or if Paramount secures a major entertainment industry coup. This high-stakes deal matters deeply for entertainment enthusiasts, as it shapes the future of streaming competition and content creation. The battle between Paramount and Netflix underscores the intense rivalry in the streaming wars, with both companies vying to strengthen their portfolios and market dominance. The decision could also set new precedents for corporate mergers and acquisitions in the entertainment sector, impacting everything from content distribution to shareholder value.

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Originally published on Variety on 2/23/2026