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 $83 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.