Warner Bros. is still recommending Netflix’s takeover bid, but it’s reviewing a fresh Paramount offer
Fortune
by Wyatte Grantham-Philips, The Associated PressFebruary 24, 2026
AI-Generated Deep Dive Summary
Warner Bros. Discovery is currently evaluating a revised takeover offer from Paramount while continuing to support Netflix’s competing proposal. The situation has entered a critical phase as Warner shareholders prepare to vote on the Netflix deal, which could be overtaken if Paramount’s latest offer is deemed more attractive. This potential merger wave has sparked concerns over antitrust issues and industry consolidation, with regulators closely monitoring the developments.
Paramount submitted an updated $77.9 billion all-cash bid, significantly higher than Netflix’s $72 billion offer, to acquire Warner Bros. in full. This includes key assets like HBO Max and CNN. In contrast, Netflix aims to purchase Warner’s studio and streaming operations for $72 billion, excluding its networks. Warner’s board remains aligned with the Netflix deal, but the revised Paramount offer could shift their stance.
Critics warn that either merger could further concentrate media power in an already oligarchic industry, leading to job losses, reduced diversity, and higher consumer costs. Regulatory scrutiny is escalating, with the U.S. Department of Justice and other global authorities reviewing both deals. Meanwhile, political dynamics are adding another layer of complexity, as President Trump’s past comments and ties to Paramount’s backers could influence outcomes.
The outcome of this high-stakes battle will likely hinge on regulatory approvals and whether Netflix chooses to revise or match Paramount’s offer. The stakes are high for the media landscape, with implications for competition, innovation, and consumer choice in an increasingly consolidated industry.
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Originally published on Fortune on 2/24/2026