The board of directors at Warner Bros. Discovery has formally agreed to evaluate a rival merger proposal involving Skydance Media and Paramount Global.
Following Warner Bros.’ landmark acquisition of Netflix last year, Paramount has been given exactly one week to submit its “best and final” offer, according to media reports. Warner executives previously turned down a $30-per-share bid from Paramount, opting instead for Netflix’s valuation of $27.75 per share.
“We remain unconvinced that your proposal carries the necessary weight to yield a transaction superior to the Netflix merger,” Warner Bros. stated in an official release.
In an attempt to secure the deal, Paramount pledged to facilitate the refinancing of Warner’s existing debt and cover a $2.6 billion termination fee to Netflix in the event of a contract dissolution. The current $82.7 billion agreement between Warner Bros. and Netflix is projected to reach its final closing in March 2026.
