By Micah Jonah, February 25, 2026
Warner Bros Discovery (WBD) is reviewing a new takeover from Paramount Skydance while continuing to recommend a competing Netflix deal to shareholders.
The updated Paramount proposal comes after a seven-day negotiation window closed on Monday. Paramount, owned by David Ellison, son of Oracle cofounder and Trump ally Larry Ellison, confirmed it submitted a revised offer but provided no financial details. Analysts expect the company increased its bid.
Paramount aims to acquire Warner in full, including networks like CNN and Discovery, offering shareholders an all-cash $77.9 billion hostile bid. Including Warner’s debt, the total enterprise value is approximately $108 billion, translating to $30 per share.
Netflix wants only Warner’s studio and streaming operations for $72 billion in cash, or $83 billion including debt. Warner’s board has repeatedly endorsed the Netflix deal and the agreement remains in place. Shareholders are scheduled to vote on March 20. If the board later deems Paramount’s offer superior, Netflix may revise its bid or withdraw.
Both potential buyouts have raised concerns about media consolidation. Critics say either deal could reduce diversity in filmmaking, eliminate jobs, and increase streaming costs. The US Department of Justice and international regulators are reviewing the transactions.
Paramount has highlighted Netflix’s larger market dominance, arguing that acquiring Warner would give the streaming giant even more control in subscription video-on-demand. Netflix counters that its competition with broader platforms like YouTube limits any monopolistic impact.
Paramount’s bid would surpass Disney as the largest studio and merge two major TV operators, raising antitrust scrutiny. Democratic senators have warned the deal could control almost everything Americans watch on TV. The acquisition would also put CNN under Ellison control, following recent CBS News acquisitions and leadership changes, including the appointment of Bari Weiss as editor-in-chief and Kenneth Weinstein as ombudsman.
Netflix CEO Ted Sarandos emphasized that the deal is strictly a business matter subject to US and international regulatory approval, despite political controversy and former President Trump’s involvement in public commentary.
