Paramount Reportedly Raises Bid for Warner Bros.
Paramount has submitted a higher offer for Warner Bros. Discovery as the takeover battle for the media giant continues. The move signals ongoing consolidation in the media and content industry as major players compete for scale and intellectual property.
- This new offer is an escalation of a bidding war that began in September 2025 when Paramount first offered $19 per share for Warner Bros. Discovery. - The current offer from Paramount is approximately $32 per share, a counter to an existing $82.7 billion agreement between Warner Bros. Discovery and Netflix for its studio and streaming assets. - As part of its bid, Paramount is offering to pay the $2.8 billion breakup fee that Warner Bros. would owe Netflix if their deal is terminated. - The competing Netflix deal would not be for the entire company; it would acquire the streaming and studio divisions, while spinning off linear cable networks like CNN, TNT, and HGTV into a separate publicly traded company called Discovery Global. - Warner Bros. Discovery's board, which has a shareholder meeting scheduled for March 20, 2026 to vote on the Netflix deal, has previously rejected Paramount's offers citing concerns over financing. - This takeover attempt follows Warner Bros. Discovery's own recent formation through a merger of WarnerMedia and Discovery, Inc. in April 2022. - Financially, the deal involves companies of vastly different market capitalizations: Warner Bros. Discovery is valued at over $71 billion, whereas Paramount Global's market cap is approximately $7.4 billion, though its enterprise value is higher at over $20 billion due to debt.
