Topic / Subject

Warner Bros. Discovery says it received a revised proposal from Paramount Skydance and is reviewing it — while also telling shareholders the Netflix transaction remains the board’s recommended deal (for now). 

TL;DR

Hollywood M&A soap opera is peaking: WBD is acknowledging the sweetened bid, but it’s still waving the Netflix flag until the board says otherwise. 

Key Details

WBD (via a PRNewswire release) confirmed receipt of a revised Paramount Skydance proposal and said it’s reviewing it with financial and legal advisors.  The same statement says the Netflix merger agreement remains in effect and the board continues to recommend the Netflix transaction.  Reuters reports Paramount’s revised proposal is higher than its prior $30-per-share offer (previously valued around $108.4B including debt), aiming to beat Netflix’s $27.75-per-share proposal for select assets.  Reuters also notes a “match window” dynamic: if WBD deems Paramount’s offer superior, Netflix can respond within a defined period.  WBD’s own site also references a March 20, 2026 shareholder meeting for the Netflix deal vote. 

Breakdown

The headline isn’t “Paramount wins” — it’s “WBD is keeping the process alive.” By publicly confirming receipt and review, WBD is signaling that the revised bid is at least serious enough to formally evaluate, even while it maintains its current recommendation. 

The tactical leverage is obvious: Paramount sweetens terms to force WBD’s hand; WBD keeps Netflix’s deal as the “default”; Netflix now has incentive to stay ready with a bump if the board calls Paramount “superior.” That’s how these late-stage bid fights usually get decided — not with vibes, with timing and paperwork. 

And for regular people watching at home, here’s what’s actually at stake: control of a monster content engine (Warner Bros, HBO/HBO Max, and the library) and how the “other assets” get carved up (spun, sold, or merged). Reuters frames Netflix’s interest as studio + streaming assets, while Paramount’s pitch is broader. 

How Credible Is This?

High on “a revised bid exists” and “WBD is reviewing it” — those are in WBD’s own public statement. 

Medium on final outcomes, because “reviewing” is not “accepting,” and the match/negotiation phase can swing fast. 

Production Reality Check

There are multiple moving pieces: board fiduciary duties, defined response windows, shareholder votes, and breakup fees — meaning the “best headline” isn’t always the “winning deal.”  The March 20 shareholder meeting date puts a real clock on the Netflix pathway unless the board changes course first. 

Does It Make Sense?

For WBD shareholders, the logic is simple: take the structure that maximizes value with the cleanest path to closing. Paramount is trying to argue its “whole company” approach beats Netflix’s selective asset buy. 

For the buyers: Netflix wants premium studio + streaming assets; Paramount wants the crown jewel plus everything attached. Different strategies, same goal: own the pipeline and the library. 

What to Watch Next

Whether WBD declares Paramount’s revised offer “superior” (that’s the fork in the road).  Any improved Netflix terms if WBD signals it’s leaning Paramount.  Updates tied to the March 20, 2026 shareholder vote timeline. 

Sources

Warner Bros. Discovery — Warner Bros. Discovery Confirms Receipt of Revised Proposal from Paramount Skydance

Reuters — Warner Bros weighing revised bid from Paramount as bidding war escalates

Warner Bros. Discovery — Warner Bros. Discovery Sets Special Meeting Date of March 20, 2026, and Unanimously Recommends Shareholders Vote FOR Netflix Merger

Comment

If you’re a WBD shareholder, do you want the “highest price” bid — or the deal most likely to actually close?