Paramount Takeover Bid for Warner Bros. Discovery Deemed ‘Superior’ as Netflix Faces Deadline to Respond

Warner Brothers Discovery has determined that a new takeover proposal from Paramount is superior to its existing agreement with Netflix, intensifying a high-stakes bidding war for the media giant.

The company’s board has not yet terminated its agreement with Netflix, but the streaming company now has four business days to revise its offer. That likely means increasing its bid or adjusting deal terms to match or exceed Paramount’s proposal.

Paramount’s latest bid values Warner Bros. Discovery at $31 per share and includes additional incentives that appealed to the board — including a $7 billion regulatory termination fee designed to reassure investors the deal would survive potential government scrutiny.

Warner Bros. Discovery CEO David Zaslav said the ongoing competition has significantly increased shareholder value, noting the bidding process has already driven multiple price increases since negotiations began last year.

Meanwhile, Netflix co-CEO Ted Sarandos visited the White House for meetings with staff members shortly before the latest developments were announced. The visit drew attention as the corporate battle has unfolded alongside political scrutiny and regulatory questions.

If Netflix does not submit a stronger proposal within the four-day window, Warner Bros. Discovery could move forward with Paramount’s offer instead.

Industry analysts say the outcome could reshape the media landscape, affecting major brands and assets across television, film, and streaming — including the future ownership structure of CNN and other cable networks.

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