WBD says Paramount’s new, higher offer could be “superior” to Netflix's
Ars Technica
by
Scharon Harding
February 24, 2026
AI-Generated Deep Dive Summary
Warner Bros. Discovery (WBD) has disclosed that Paramount’s revised bid of $31 per share for WBD could potentially be “superior” to Netflix’s competing offer. This new offer reflects Paramount’s intensified efforts to acquire WBD, which controls valuable streaming assets like HBO Max and the Warner Bros. movie studio. In its statement, WBD noted that Paramount’s updated proposal demonstrates a strong contender in the race for WBD’s control, with significant implications for the future of media mergers.
Paramount’s increased bid comes amid fierce competition from Netflix, which has also made an offer to acquire WBD’s streaming and movie studio businesses. This move highlights the growing importance of streaming platforms in the entertainment industry, as both tech giants are vying for WBD’s assets to strengthen their own content libraries and market positions. The revised $31 per share offer is notably higher than Netflix’s reported bid, signaling Paramount’s determination to outpace its rival.
Under the revamped deal, Paramount has agreed to cover a $7 billion regulatory termination fee if the merger fails to close due to antitrust concerns. Additionally, Paramount will pay WBD shareholders $0.25 per share for each day the transaction is delayed beyond September 30, instead of the previous December 31 start date. This adjustment underscores Paramount’s commitment to securing the deal despite potential legal challenges.
The situation underscores the high stakes in the tech and entertainment sectors, as mergers between major players like Paramount and WBD could reshape the streaming landscape. For tech enthusiasts, this story offers insight into how corporate strategies and antitrust regulations influence billion-dollar deals.
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Originally published on Ars Technica on 2/24/2026