Paramount Raises Bid for Warner Bros. Discovery to $31 Per Share as Takeover Battle Intensifies

A major media takeover battle is escalating as Paramount has raised its offer to acquire Warner Bros. Discovery to $31 per share, prompting the company’s board to extend negotiations and review the proposal more closely.

The new bid improves on Paramount’s previous $30 per share offer and includes additional financial incentives, such as a $7 billion regulatory termination fee if the deal fails due to government approval issues. The higher offer is part of what analysts describe as an aggressive push to win over shareholders in a competitive and high-stakes media consolidation fight.

Despite the increased bid, Warner Bros. Discovery says its existing merger agreement with Netflix remains in place. The company is currently evaluating whether Paramount’s proposal could be considered a “superior offer” under the terms of that agreement. If the board ultimately determines it is better, Netflix would have four days to respond with a counteroffer.

The situation adds another layer of uncertainty to Warner Bros. Discovery’s restructuring plans, which include splitting the company into two publicly traded entities. Under the current Netflix deal, the studio and streaming assets would be acquired, while cable networks would form a separate company.

The takeover battle has drawn attention beyond the business world. President Donald Trump recently criticized the merger negotiations, though Netflix executives say the deal is strictly a business matter.

Warner Bros. Discovery shareholders are scheduled to vote on the Netflix agreement at a special meeting on March 20, setting the stage for what could become one of the most consequential media mergers in years.

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