Warner Bros. Discovery has decided that a new offer of $31 per share from Paramount Skydance is better than previous proposals. This starts a four-day window for Netflix to make a competing offer, intensifying the fight for ownership of the company.
This announcement signals a significant change in direction. Earlier this week, the board suggested the proposal might result in a better offer. Now, Warner Bros. Discovery has officially confirmed that it will.
David Ellison, CEO of Paramount, stated that Warner Bros. Discovery’s board agrees their offer is the best option for shareholders, providing a higher value, a more certain outcome, and a faster completion of the deal.
Paramount’s $31 Per Share Offer
The new offer from Paramount and Skydance values Warner Bros. Discovery (WBD) at $31.00 per share, paid in cash. In addition, starting after September 30, 2026, WBD would receive a quarterly payment of $0.25 for each share, accruing daily.
The agreement also includes safeguards like a $7 billion penalty if regulators block the deal, coverage of the $2.8 billion breakup fee Warner Bros. Discovery would have to pay Netflix, and a promise from Larry Ellison and his trust to contribute more funding if lenders require it.
The proposal clarifies that a significant negative change affecting the company won’t include poor performance from Warner Bros. Discovery’s traditional TV networks.
Netflix’s Four-Day Match Window
Warner Bros. Discovery has informed Netflix of its decision, starting a four-business-day period for Netflix to suggest any changes to their current agreement.
If the Warner Bros. Discovery board honestly believes that the deal offered by Paramount and Skydance is better, they have the right to end their current agreement with Netflix.
Netflix Deal Still Officially Recommended
Even though Warner Bros. Discovery acknowledged that Paramount’s offer is better, they confirmed that their deal with Netflix is still active. The company’s board still supports the Netflix agreement and hasn’t changed its recommendation.
The next four business days are crucial. Netflix can either increase its offer or change the deal’s terms to try and stay in the lead. If they don’t, the $31 per share bid from Paramount Skydance might allow Warner Bros. Discovery to end its agreement with Netflix.
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2026-02-27 01:31