Paramount raises bid for WBD in move against Netflix: Reports
Paramount Skydance has reportedly made a higher offer than its earlier $108.4 billion, or $30-per-share, bid
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Published: Feb 24, 2026 8:09 AM | 1 min read
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A bidding battle has intensified between Paramount Skydance and Netflix for control of Warner Bros. Discovery (WBD), the owner of HBO Max.
Reuters reports that Paramount Skydance has made a higher offer than its earlier $108.4 billion, or $30-per-share, bid. The new proposal is meant to address WBD’s concerns about financing, but full details have not been revealed.
Netflix, which has already been selected as WBD preferred bidder, previously offered $27.75-per-share in cash, valuing the studios and streaming assets at $82.7 billion. Under the terms of the agreement, Netflix is permitted to match any higher offer.
The contest centres on valuable entertainment properties, including the Harry Potter and Game of Thrones franchises, and highlights the growing competition for leadership in the global streaming market.
Paramount’s bid is supported by billionaire Larry Ellison.
WBD had previously rejected an enhanced proposal from Paramount submitted on 10 February. That offer included covering a $2.8 billion termination fee payable to Netflix and introducing a quarterly payment of 25 cents per share from next year to compensate shareholders for any delay in completing the deal.
The board of WBD said the February proposal did not qualify as a superior offer and set a deadline of 23 February for Paramount to submit what it described as its “best and final” bid.
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