Warner Bros. Discovery Likely to Review New Offer From Paramount

Variety

by Todd Spangler

February 24, 2026

AI-Generated Deep Dive Summary

Warner Bros. Discovery (WBD) is reportedly reviewing a new offer from Paramount, potentially signaling a shift in its strategic direction as it navigates a complex merger landscape. The company’s board is expected to inform shareholders before Tuesday’s market opening that it is evaluating the Paramount proposal while maintaining its commitment to the $83 billion deal with Netflix, set for a shareholder vote on March 20. This decision follows a week of intense negotiations and discussions between WBD and Paramount Skydance leaders. The situation stems from WBD seeking clarity on Paramount’s “best and final offer,” which it had previously dismissed multiple times. In a letter to Paramount’s board, WBD CEO David Zaslav and chairman Samuel Di Piazza Jr. requested clarification on the proposal, noting that the revised offer would likely include a per-share price higher than $31. This move has set off a chain of potential developments: if WBD officially considers Paramount’s offer, Netflix—the current frontrunner in the bidding war—has four days to match or exceed Paramount’s terms. Netflix’s decision hinges on its willingness to outbid Paramount for Warner Bros. and HBO Max, which are central to its $27.75-per-share cash deal with WBD. The stakes are high for all parties involved. Larry Ellison, through his entity Skydance Media, has shown persistent interest in acquiring WBD, offering a substantial $108 billion bid that includes debt financing from major banks and support from sovereign wealth funds in Saudi Arabia, Qatar, and Abu Dhabi. Meanwhile, Netflix’s co-CEO Ted Sarandos has hinted at the company’s history of walking away from deals if terms don’t align with its strategic interests. The outcome of this high-stakes maneuvering will likely shape the future of the entertainment industry, with implications for streaming dominance, content production, and media mergers. This situation matters because it highlights the dynamic and competitive nature of the entertainment and streaming industries. WBD’s decision to review Paramount’s offer could disrupt the previously agreed-upon Netflix deal, reshaping

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Originally published on Variety on 2/24/2026