The Paramount logo is shown on a structure at the company’s studio lot in Hollywood, Los Angeles, Feb. 26, 2026.<\/p>\n
Mike Blake | Reuters<\/p>\n
Warner Bros. Discovery<\/a> said Thursday it’s valued Paramount Skydance’s<\/a> latest takeover offer as superior to a deal with Netflix<\/a>, another twist in the ongoing battle for the legacy media assets. <\/p>\n Netflix will have four business days to make changes to its own proposal, the WBD board said in a statement.<\/p>\n Earlier this week, Paramount raised its offer<\/a> to $31 per share, up from $30 per share, all cash. It was the latest amendment to Paramount’s multiple offers in recent months \u2014 and since moving forward with a hostile bid to buy the company.<\/a> <\/p>\n Warner Bros. Discovery agreed in December<\/a> to sell its studio and streaming businesses to Netflix for $27.75 per share, which values the assets at roughly $72 billion. The deal has a total enterprise value of approximately $82.7 billion. <\/p>\n Last week, Netflix granted WBD a seven-day waiver to re-engage with Paramount<\/a>, resulting in the higher bid. <\/p>\n A Netflix spokesperson didn’t immediately respond to a request for comment on Thursday. <\/p>\n Paramount’s offer is for the entirety of WBD, including its pay TV networks, such as CNN, TBS and TNT. <\/p>\n “We are pleased WBD’s Board has unanimously affirmed the superior value of our offer, which delivers to WBD shareholders superior value, certainty and speed to closing,” said Paramount CEO David Ellison in a statement on Thursday.<\/p>\n Read more about the Paramount-Netflix battle for WBD<\/p>\n The latest Paramount bid also includes a $7 billion breakup fee in the event the proposed merger doesn’t win regulatory approval. The company has also agreed to pay the $2.8 billion breakup fee that WBD would owe Netflix if it were to no longer move forward with that deal. <\/p>\n