Paramount Global and Skydance Media jointly boosted their all-cash bid for Warner Bros. Discovery to $31 per share, up from their prior offer. The new bid represents a significant premium over WBD’s pre-offer share price and underscores the consortium’s confidence in the studio’s streaming and content franchises.

Netflix had tabled its own acquisition proposal for Warner Bros. Discovery earlier, seeking to integrate the studio’s content portfolio into its streaming service. While the exact terms of Netflix’s bid have not been disclosed, WBD’s management signaled that Paramount Skydance’s $31 per share offer may surpass the value Netflix is prepared to pay.

WBD’s board is reviewing both offers with a focus on securing maximum value for shareholders and ensuring regulatory approval. Company executives emphasized the importance of evaluating financing certainty, deal structure and potential antitrust considerations before recommending a transaction.

Shareholder approval votes and regulatory filings are anticipated in the coming months, with a final decision expected by mid-2026. Market observers will be monitoring any counteroffers and potential adjustments as the bidding war unfolds.