Warner Bros. Discovery briefly reopened negotiations with Paramount Global on Tuesday, granting the Skydance-owned media company a week to submit a “best and final” offer, according to a regulatory filing. The move comes as Warner Bros. Discovery continues to back a previously agreed-upon deal with Netflix, a transaction that has sparked a fierce bidding war for the future of the entertainment giant.
The unexpected resumption of talks with Paramount follows a waiver granted by Warner Bros. Discovery to allow discussions to occur until Monday, February 23rd. Warner Bros. Discovery stated the intention is to address “deficiencies” and “clarify certain terms” within Paramount’s existing bid, which currently values the company at $108 billion, encompassing assets including CNN, TBS, HGTV, and TLC.
Paramount, backed by Larry Ellison and his son David Ellison, initially launched a hostile takeover bid in December 2025 after Warner Bros. Discovery signaled its preference for a deal with Netflix. Netflix’s proposed $82.7 billion acquisition would focus on Warner Bros. Discovery’s film and television studios, as well as HBO and HBO Max, and the Burbank studio lot. However, the deal excludes Warner’s basic cable channels, which are slated to be spun off into a separate publicly traded entity called Discovery Global.
In a statement, Netflix expressed confidence that its offer “provides superior value and certainty,” while characterizing Paramount’s pursuit as a “distraction” for Warner Bros. Discovery shareholders and the wider industry. The streaming giant noted it granted the seven-day waiver to “finally resolve this matter.”
Paramount Skydance reportedly informed Warner Bros. Discovery that it is prepared to increase its bid to $31 per share, with the potential for further enhancements. This is an increase from its previous offer of $30 per share, which Paramount Skydance claims is financially superior to Netflix’s $27.75 per share offer and more likely to gain regulatory approval.
Despite the renewed discussions with Paramount, Warner Bros. Discovery’s board continues to recommend shareholders support the Netflix merger. A special meeting is scheduled for March 20th to hold a vote on the proposed deal. Warner Bros. Discovery CEO David Zaslav stated the company has consistently communicated the shortcomings of Paramount’s offers and opportunities for improvement.
The battle for Warner Bros. Discovery has raised antitrust concerns, given the potential for increased market dominance by either Netflix – with a projected subscriber base exceeding 400 million – or a combined Paramount and Warner Bros. Discovery entity, uniting two major film studios and news organizations, CNN and CBS News, under the Ellison family’s control.
As of Tuesday afternoon, Paramount Global had not responded to requests for comment regarding the renewed negotiations.
