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Paramount Skydance has increased its bid for Warner Bros. Discovery, putting fresh pressure on the media giant to consider an offer it has previously turned down. The revised proposal values WBD at $31 per share plus additional fees, up from its initial $30 offer, aiming to outpace Netflix’s competing bid.
WBD, which oversees brands including DC Studios, HBO, and CNN, said the improved Paramount Skydance offer “could reasonably be expected to lead to a company superior proposal,” signaling an intensifying contest for control.
Netflix, the current preferred bidder, has also increased its cash offer to $27.75 per share, focusing on acquiring WBD’s production and streaming operations. In contrast, Paramount Skydance aims to acquire the entire company.
The updated bid comes after WBD granted a short extension to allow further offers. Netflix now has four days to respond or withdraw. Paramount Skydance, led by the son of billionaire Larry Ellison, has pursued a hostile takeover approach, including direct outreach to shareholders, legal action for access to financial data, and threats to nominate directors at WBD’s annual meeting to push the deal forward.
A merger with either bidder would mark one of the largest media deals in history, potentially reshaping the film, television, and streaming landscape. Analysts note that Netflix’s strategy could further limit theatrical releases, while a Paramount Skydance acquisition would consolidate major news outlets, raising questions about media concentration.
