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Paramount Skydance has submitted a higher takeover offer for Warner Bros Discovery (WBD), escalating its bidding war with Netflix for control of the HBO Max parent company, according to a source familiar with the matter. The revised proposal improves on Paramount’s earlier $108.4 billion bid, or $30 per share, and aims to address concerns about financing certainty.
The acquisition battle centers on some of Hollywood’s most valuable assets, including the “Harry Potter” and “Game of Thrones” franchises. Netflix previously offered $27.75 per share in cash, valuing Warner Bros Discovery at $82.7 billion. Under the current agreement, Netflix has the right to match Paramount’s latest offer.
Warner Bros Discovery had rejected Paramount’s February 10 proposal, stating it did not qualify as a superior offer. The board requested a “best and final offer” by February 23. Analysts at MoffettNathanson suggested that a bid closer to $34 per share could decisively end the bidding contest and settle debates over Discovery Global’s valuation.
As part of Netflix’s proposal, Warner Bros plans to spin off its cable TV assets, including CNN and HGTV, into a separate company called Discovery Global. WBD estimates the spinoff could be worth between $1.33 and $6.86 per share, offering potential upside to shareholders. Paramount, however, argues that the cable spinoff holds limited value.
Activist investor Ancora Capital, which has built a $200 million stake in WBD, has pressured the company to re-engage with Paramount. The firm warned it may vote against the Netflix deal if discussions do not resume.
The outcome now hinges on shareholder approval scheduled for March 20 and potential regulatory scrutiny in the U.S. and Europe. Authorities will evaluate whether a Netflix-Warner Bros merger would reduce competition in the streaming market. Paramount maintains it has a clearer regulatory path, while Netflix argues the merger would strengthen competition against YouTube and benefit consumers through bundled streaming options.
