Paramount Revises Bid for Warner Bros. Discovery

Netflix has 4 days to counter Paramount's new offer for the entertainment giant.

Published on Feb. 24, 2026

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Warner Bros. Discovery confirmed it has received a revised acquisition offer from Paramount, after previously announcing a deal to sell a large portion of its business to Netflix for $83 billion. Paramount had previously offered $108 billion to acquire the entire company, but has now revised its bid. Netflix now has 4 days to counter Paramount's new offer, as Warner Bros. Discovery's board continues to recommend the Netflix deal.

Why it matters

This corporate battle highlights the intense competition and consolidation happening in the entertainment industry, as major players vie for dominance. The outcome could have significant implications for the future of media and streaming, as well as the competitive landscape.

The details

Paramount has made a revised offer to acquire Warner Bros. Discovery, after the latter company announced a deal in December to sell a large portion of its business to Netflix for $83 billion. Paramount had previously offered $108 billion to acquire the entire Warner Bros. Discovery company, but has now revised its bid, though the details of the new offer are not yet public. Warner Bros. Discovery is reviewing Paramount's revised proposal with its advisors, while Netflix has 4 days to counter Paramount's offer.

  • In December 2025, Warner Bros. Discovery announced a deal to sell a large portion of its business to Netflix for $83 billion.
  • Paramount had previously offered $108 billion to acquire the entire Warner Bros. Discovery company.
  • Last week, Warner Bros. Discovery reopened talks with Paramount, giving it until the end of Monday to come up with its best and final offer.
  • Netflix now has 4 days to counter Paramount's revised bid.

The players

Warner Bros. Discovery

An entertainment company that owns various media assets, including the Warner Bros. film and TV studios, HBO, and CNN.

Paramount

An American media conglomerate that owns the Paramount Pictures film studio, Paramount+ streaming service, and other entertainment properties.

Netflix

A leading global streaming entertainment service provider.

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What they’re saying

“We are reviewing in consultation with our financial and legal advisors. We will update our shareholders following the board's review.”

— Warner Bros. Discovery Spokesperson

“This deal is run by the Department of Justice in the U.S. and regulators throughout Europe and around the world.”

— Ted Sarandos, Co-Chief Executive, Netflix (BBC's 'Today' program)

What’s next

Netflix has 4 days to counter Paramount's revised bid for Warner Bros. Discovery.

The takeaway

This corporate battle highlights the intense competition and consolidation happening in the entertainment industry, as major players like Paramount, Netflix, and Warner Bros. Discovery vie for dominance. The outcome could have significant implications for the future of media and streaming, as well as the competitive landscape.