The Paramount logo is displayed on a structure at the Paramount Studios property in Hollywood, Los Angeles, California, United States, on February 26, 2026.
Mike Blake | Reuters
warner bros discovery Thursday said it was important. paramount skydance The latest takeover offer is better than the deal with Netflixa new twist in the ongoing battle over legacy media assets.
The WBD board said in a statement that Netflix has four business days to change its own offer.
Earlier this week, Paramount raised its all-cash offer from $30 per share to $31 per share. This is the latest amendment to multiple offers Paramount has put forward in recent months since moving forward with a hostile bid to acquire the company.
Warner Bros. Discovery agreed in December to sell its studio and streaming businesses to Netflix for $27.75 per share, valuing the company at about $72 billion. The total enterprise value of this transaction is approximately $82.7 billion.
Last week, Netflix granted WBD a seven-day waiver to re-sign with Paramount, resulting in a high bid.
A Netflix spokesperson did not respond to a request for comment Thursday.
Paramount’s offer covers the entire WBD, including pay TV networks such as CNN, TBS and TNT.
“We are pleased that WBD’s board of directors has unanimously affirmed the superior value of our proposal, which provides superior value, certainty and speed to closing for WBD shareholders,” Paramount CEO David Ellison said in a statement Thursday.
Paramount’s latest bid also includes a $7 billion breakup fee in case the proposed merger fails to win regulatory approval. The company also agreed to pay a $2.8 billion dissolution fee that Netflix would pay if WBD no longer moves forward with the deal.
In mid-January, amid Paramount’s previous offer, Netflix changed its bid to all cash.
Netflix co-CEO Ted Sarandos said in an interview with CNBC’s Julia Boorstin last week that the company granted WBD a waiver to resume negotiations with Paramount to provide clarity to shareholders.
Sarandos said at the time that “Paramount was making a fuss and flooding the room with confusion and confusion for shareholders…including announcing all these fictitious offers and talking directly to shareholders and bypassing the Warner Bros. Discovery board.” “So we have given these shareholders the opportunity to get exactly what they deserve: complete clarity and certainty.”
However, Sarandos could not comment on whether Netflix would increase its offer.
CNBC previously reported that Sarandos arrived at the White House on Thursday to meet with staff about Netflix’s efforts to acquire WBD assets. He was not scheduled to meet with President Donald Trump.
WBD said Thursday that its board continues to recommend in favor of the Netflix deal and has not withdrawn or changed its recommendation.
