Warner Bros. Discovery briefly reopened takeover discussions with Skydance-owned Paramount Global on Tuesday, according to a regulatory filing, even as the company continues to recommend shareholders approve its proposed merger with Netflix. The move allows Paramount to submit a “best and final” offer, addressing what Warner Bros. Discovery has termed “deficiencies” in previous bids.
The unexpected resumption of talks with Paramount comes amid ongoing scrutiny of the proposed Netflix deal, and a hostile takeover attempt by Paramount that threatened to derail it. Netflix granted Warner Bros. Discovery a seven-day waiver to entertain Paramount’s advances, recognizing the “ongoing distraction” caused by the back-and-forth, as stated in a Netflix release. Warner Bros. Discovery’s board, yet, continues to advocate for the Netflix merger, scheduling a shareholder vote for March 20.
The potential for a Paramount takeover of Warner Bros. Discovery first gained traction in late 2025, with speculation intensifying in October, as reported by Forbes. This followed initial discussions about a possible split of Warner Bros. Discovery, creating an opening for acquisition. Paramount’s pursuit has been described as “hostile” as it attempts to circumvent Warner Bros. Discovery’s preference for the Netflix deal.
The Netflix agreement, valued at $72 billion, would grant Netflix control of the Warner Bros. Library, including franchises like Batman, Harry Potter, and Scooby-Doo, significantly bolstering its streaming catalog. However, the deal also raises concerns about the future of content licensing for Apple TV+, which currently streams Warner Bros.-produced shows like Ted Lasso and Shrinking. According to Macworld, Netflix may choose not to renew licensing agreements with Apple once the merger is complete, potentially shifting those shows exclusively to its own platform.
Apple itself was previously considered a potential bidder for Warner Bros. Discovery, with reports in October 2025 suggesting the tech giant was exploring a purchase to strengthen its streaming service, Apple TV+ AppleInsider. Amazon was also mentioned as a possible competitor in the bidding process. The loss of access to Warner Bros. Content could significantly impact Apple’s streaming strategy, as the company relies on licensed content alongside its original productions.
The situation remains fluid, with Paramount having until Monday to present its final offer. Netflix has expressed confidence in the value of its proposed transaction, but acknowledged the disruption caused by Paramount’s pursuit. Warner Bros. Discovery’s leadership continues to support the Netflix deal, but the shareholder vote on March 20 will ultimately determine the company’s future. Paramount did not respond to requests for comment on Tuesday.
