WBD recommends Netflix offer despite new Paramount proposal
Warner bros.Finding is continuing to back Netflix’s takeover proposal for its studio and streaming business, even as Paramount Skydance submits an updated bid to buy Warner Bros. Discovery in full.Warner Bros. has confirmed it received Paramount’s revised offer and is reviewing it, but it still recommends the Netflix option to shareholders. Paramount’s new bid is an all-cash offer that improves on its initial $108.4 billion proposal (about $30 per share) and aims to address concerns about financing certainty. Netflix’s deal would acquire only Warner Bros. Discovery’s studio and streaming assets, valued at about $72 billion (roughly billion with debt). Paramount argues its bid would give it control of all Warner Bros.Discovery assets, intensifying a bidding war that has unfolded as a December 2025 merger agreement. The controversy has drawn regulatory scrutiny,including a February 6 Senate hearing where antitrust concerns about Netflix’s market power were raised.
Warner Bros. recommends Netflix offer despite new proposal from Paramount
Warner Bros. Discovery is continuing to recommend a takeover proposal from Netflix to its shareholders, appearing to snub rival bidder Paramount Skydance’s updated offer.
Paramount has offered Warner Bros. an all-cash deal, in what is known as a “hostile” takeover bid that bypasses company leadership to present the pitch directly to shareholders.
On Tuesday, Warner Bros. confirmed that it had received and is reviewing a revised proposal from Paramount, but that it “continues to recommend” the Netflix option to shareholders. Paramount’s new bid improves on its initial offer of $108.4 billion, or $30 per share, for the whole company and seeks to address Warner Bros.’s concerns about the certainty of its financing, according to Reuters.
Warner Bros.’s leadership has thus far favored Netflix’s rival offer to acquire some of the company’s assets for a $72 billion deal, or roughly billion including debt. The two signed a merger agreement in December 2025.
But the bidding war has continued in the months since, with negotiations continuing as Paramount submitted a competing offer this week, arguing in part that Netflix’s bid likely violates antitrust laws.
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During a Feb. 6 Senate hearing with Netflix co-CEO Ted Sarandos, Sen. Eric Schmitt (R-MO) echoed those concerns, pressing the executive on the company’s size and contending that regulators must examine whether the deal would become “anti-competitive” given Netflix’s market power.
Netflix’s deal is only for Warner Bros. Discovery’s studio and streaming business, while Paramount Skydance is bidding to acquire all of its assets.
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