Warner Bros gets new offer from Paramount but still recommends Netflix bid

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Briefing Summary

AI-generated

NEWSAR · AI

Warner Bros. Discovery (WBD) is evaluating a revised takeover offer from Paramount Skydance while still recommending Netflix's bid to shareholders. Paramount's new offer follows a previous $77.9 billion hostile all-cash bid made directly to shareholders after WBD announced its deal with Netflix in December 2025. Netflix is proposing to acquire only Warner's studio and streaming business for $72 billion in cash. The potential acquisition of WBD by either Paramount or Netflix would significantly reshape the media landscape, potentially bringing properties like HBO Max and CNN under new ownership. If Warner Bros. board changes course and deems Paramount’s latest offer superior, Netflix will be able to revise its bid.

Confidence 0.90Sources 3Claims 5Entities 9

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Article analysis

Model · rule-based

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Key claims

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Paramount wants to acquire Warner Bros in its entirety with an all-cash, $77.9bn hostile offer.

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Warner’s board has repeatedly backed the deal with Netflix.

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Netflix wants to buy only Warner’s studio and streaming business for $72bn in cash.

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Paramount submitted a revised offer to acquire Warner Bros.

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Warner Bros Discovery is reviewing a new takeover offer from Paramount Skydance.

factualWarner Bros Discovery (WBD)

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Full report

2 min read · 330 words

If Warner’s board changes course and deems Paramount’s latest offer superior, Netflix will be able to revise its bid.Published On 24 Feb 2026Warner Bros Discovery (WBD) says it is reviewing a new takeover offer from Paramount Skydance, but it continues to recommend a competing proposal from Netflix to its shareholders in the meantime.Warner disclosed on Tuesday that it had received a revised offer from Paramount after a seven-day window to renew talks with the Skydance-owned company elapsed on Monday. Paramount – which is run by David Ellison, son of United States President Donald Trump ally and Oracle cofounder Larry Ellison – confirmed it had submitted the proposal, but neither company provided details about it. The company was widely expected to have raised its offer.Recommended Stories list of 4 itemslist 1 of 4New US tariff starts at 10% as Trump works to hike it to 15%list 2 of 4The killing of Mexican drug lord El Mencho: How it unfoldedlist 3 of 4How Epstein tried to buy a Moroccan palace months before his deathlist 4 of 4The Take: What to expect from Trump’s State of the Union addressend of listA WBD buyout would reshape Hollywood and the wider media landscape, bringing HBO Max, cult-favourite titles like Harry Potter and, depending on who wins the Netflix vs Paramount tug-of-war, potentially even CNN under a new roof.Paramount wants to acquire Warner Bros in its entirety, including networks like CNN and Discovery, and went straight to shareholders with an all-cash, $77.9bn hostile offer just days after the Netflix deal was announced in December. Accounting for debt, that bid offered Warner stakeholders $30 per share, amounting to an enterprise value of about $108bn.Paramount maintained on Tuesday that its tender offer remains on the table while Warner evaluates its latest proposal.Netflix wants to buy only Warner’s studio and streaming business for $72bn in cash, or about $83bn including debt. Warner’s board has repeatedly backed this deal and on Tuesday maintained that its agreement with Netflix still stands.

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