Paramount Raises Bid for Warner Bros. Discovery Amid DOJ Probe

Paramount CEO David Ellison's higher offer comes as Netflix faces scrutiny over its own $83 billion deal

Published on Feb. 24, 2026

Got story updates? Submit your updates here. ›

Paramount has raised its offer to acquire all of Warner Bros. Discovery, addressing some of the company's previous concerns. This comes as the Department of Justice has opened an antitrust investigation into Netflix's proposed $83 billion deal to acquire Warner Bros. Discovery, raising questions about the regulatory landscape. Experts are divided on whether Paramount or Netflix has the upper hand, with factors like political ties and shareholder support playing a role.

Why it matters

The battle for control of Warner Bros. Discovery has major implications for the future of the entertainment industry. A successful Paramount acquisition could reshape the media landscape, while a Netflix deal would cement the streamer's position as a dominant player. The DOJ probe adds an additional layer of uncertainty, with potential political interference complicating the regulatory review process.

The details

Paramount has raised its offer for Warner Bros. Discovery from its previous $30-per-share, all-cash bid. The new offer, which has not been specified, is said to address some of Warner Bros.'s previous concerns. Meanwhile, the DOJ has opened an antitrust investigation into Netflix's proposed $83 billion acquisition of Warner Bros. Discovery, reaching out to industry players to gather input. This comes as former UN ambassador Susan Rice, a Netflix board member, has faced criticism from former President Trump, who has called for her ouster. Experts are divided on whether the political and regulatory headwinds will ultimately derail Netflix's bid or give Paramount the upper hand.

  • On Monday, Paramount raised its offer for Warner Bros. Discovery.
  • Last week, Warner Bros.'s board reopened talks with Paramount for seven days to address concerns with Ellison's bids.
  • The Department of Justice has opened a civil investigative demand (CID) to gather input from filmmakers and producers as part of its review of the Netflix-Warner Bros. deal.

The players

David Ellison

The CEO of Paramount who has led the company's efforts to acquire Warner Bros. Discovery.

Ted Sarandos

The co-CEO of Netflix who has defended the company's proposed acquisition of Warner Bros. Discovery.

Susan Rice

A Netflix board member and former UN ambassador who has faced criticism from former President Trump.

Neama Rahmani

A Los Angeles-based trial lawyer and former federal prosecutor who has commented on the regulatory and political dynamics of the deal.

Blair Levin

A New Street Research analyst and former FCC chief of staff who has analyzed the potential antitrust implications of the deals.

Got photos? Submit your photos here. ›

What they’re saying

“We have always been an incredibly disciplined buyer and we will continue to be one here.”

— Ted Sarandos, Co-CEO of Netflix (Bloomberg TV)

“It's pretty clear that Paramount is on the right side of this administration in a way that, certainly after Rice's statements, Netflix isn't.”

— Neama Rahmani, Los Angeles-based trial lawyer and former federal prosecutor (TheWrap)

“Investigations of the tech companies started long ago and still have not achieved any material change. So I doubt that rumors of such an investigation will, or should, scare Netflix (or WBD shareholders) away.”

— Blair Levin, New Street Research analyst and former FCC chief of staff (TheWrap)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

The battle for control of Warner Bros. Discovery has become a high-stakes political and regulatory fight, with Paramount's bid gaining momentum as Netflix faces scrutiny from the Trump administration and the Department of Justice. The outcome could have far-reaching implications for the future of the entertainment industry.