Paramount Skydance Challenges Netflix With Higher Bid For Warner Bros. Discovery

The race to acquire Warner Bros. Discovery (WBD) has reopened just days after Netflix appeared to have secured the deal. Paramount Skydance has now made a surprise comeback with a revised bid worth $108.4 billion, restarting a bidding war many believed had reached its conclusion. Also Read: Red Dead Redemption Now Playable On Android And iOS Through Netflix Games

Paramount’s Revised Offer Tops Netflix Deal

According to reports, Paramount Skydance’s latest proposal values Warner Bros. Discovery at $30 per share, higher than Netflix’s offer of nearly $28 per share. The new bid also includes a $5.8 billion breakup fee that would be paid to Netflix if WBD chooses to walk away from the agreement it recently signed. Also Read: How To Convert Your Image Into Stranger Things Effect Using Google Nano Banana; Check Prompts Here

This move significantly raises the stakes. While Paramount had made multiple approaches since September, Netflix had emerged as the clear frontrunner until now. Also Read: Netflix Down As Stranger Things Season 5 Releases; US Hit, India Also Sees Glitches

Netflix–WBD Deal Announced Last Week

Just last week, Netflix and Warner Bros. Discovery confirmed a definitive agreement for an $82.7 billion acquisition. The deal was planned as a cash-and-stock transaction, with WBD shares valued at about $27.75 apiece. It was expected to close after the planned spin-off of WBD’s Global Networks business, which is scheduled for the third quarter of 2026.

Had it gone through, the deal would have placed Warner Bros.’ film and TV studios, along with HBO and HBO Max, under Netflix’s control.

What’s at Stake

Netflix’s bid was seen as one of the biggest consolidation moves in the media and streaming space. It would have paired Netflix’s massive global streaming business with Warner Bros. Discovery’s deep catalogue of films and television content built over decades. Properties such as The Big Bang Theory, Game of Thrones, and the DC Universe would have joined Netflix originals like Stranger Things, Wednesday, Money Heist, and Squid Game.

However, Paramount Skydance’s higher offer and willingness to compensate Netflix for walking away has put that outcome back into question.