As many people may know, Paramount Skydance is currently making a hostile bid for Warner Bros. Discovery (WBD), attempting to counter Netflix’s $82.7 billion acquisition deal for the company. According to NBC News, WBD announced on Tuesday that it has rejected Paramount’s latest bid of $30 per share but has given Paramount until February 23rd to submit its “best and final offer.”
The report also noted that a senior Paramount executive indicated a willingness to raise the offer to $31 per share if the studio enters into discussions. Paramount Skydance reportedly has until next Tuesday to submit a final offer. In the meantime, WBD continues to support Netflix’s deal and is recommending that shareholders back it. A shareholder vote is scheduled for March 20th.
Additionally, Paramount is seeking to acquire all of Warner Bros. Discovery, which includes the Global Networks division that would be spun off in the Netflix deal. Netflix’s current offer stands at $27.75 per share, excluding the Global Networks. Should Paramount present a favorable offer, Netflix would have the opportunity to match or improve upon it.
WBD claims that Paramount’s offer lacks sufficient value compared to Netflix’s proposal. They have repeatedly rejected bids from the studio led by David Ellison and argue that a Paramount acquisition would result in additional job losses from redundancies, unlike Netflix, which does not face redundancies. Both WBD and Netflix contend that Paramount’s bid would leave the company over-leveraged with debt, necessitating significant cuts. They also dispute Paramount’s assertion that regulatory approval would be easier to obtain.
Netflix issued a statement confirming that it granted a “seven-day waiver” to allow WBD to engage with Paramount Skydance to fully and finally resolve this matter. Netflix accused Paramount Skydance of engaging in “antics” that are distracting the industry.
The statement reads:
“Together, Netflix and Warner Bros. will deliver more choice and greater value to audiences worldwide with expanded access to exceptional films and series – both at home and in theaters. Our transaction also expands production capacity and increases investment in original content, leading to long-term job creation. The Netflix transaction is centered on growth, opportunity, and a reinforced commitment to creating world-class films and television – not consolidation and layoffs.”
The statement further accuses Paramount of “mischaracterizing the regulatory review process” by suggesting its proposal would pass easily, thereby misleading WBD stockholders about the actual risks of regulatory challenges worldwide. WBD stockholders should not be fooled into believing that Paramount’s bid has a more favorable or faster path to regulatory approval—it does not. Paramount is also quick to highlight routine checkpoints to exaggerate “progress.” For instance, Paramount cited receiving German FDI clearance on January 27, 2026, as evidence of its “regulatory certainty,” even though Netflix secured the same German FDI clearance on that day.
Paramount responded by calling the seven-day window “unusual” but acknowledged its readiness to engage in good faith and constructive discussions. They reiterated the $ 30-per-share offer without indicating whether a higher bid is forthcoming.
Additionally, AEW is a broadcast partner of WBD. Filings reveal that AEW will remain with Discovery (the spinoff Global Linear Networks) if the Netflix deal is finalized. AEW’s weekly series and pay-per-views are expected to continue airing on HBO Max.
