MoneyWatch
Updated on: February 24, 2026 / 5:35 PM EST
/ CBS News
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Warner Bros. Discovery said on Tuesday that Paramount Skydance had raised its bid to acquire the entertainment and media company to $31 per share.
The revised offer raises the heat on streaming giant Netflix, which in December agreed to buy Warner Bros. Discovery deal for $27.75 per share, or $82.7 billion, to match Paramount Skydance’s bid or abandon the deal.
Still, Warner Bros. Discovery said in a news release that its board of directors has not determined whether Paramount Skydance’s latest offer is superior to Netflix’s deal.
“WBD will engage further with [Paramount Skydance] to determine if a proposal that constitutes a ‘Company Superior Proposal,’ as defined in the Netflix Merger Agreement, can be reached,” Warner Bros. Disovery said.
Paramount Skydance’s revised offer includes a $7 billion termination fee if the deal fails to close because of regulatory concerns, according to Warner Bros. Discovery. Paramount Skydance would also cover a $2.8 billion termination fee that Warner Bros. Discovery would be required to pay if it ends the Netflix deal.
The sweetened bid comes a week after Warner Bros. Discovery said it would resume talks with Paramount Skydance, the owner of CBS News, to discuss its previous $30 per share bid.
Earlier in the day, Warner Bros. Discovery said in a statement that its merger agreement with Netflix remains in effect and that its board of directors ” continues to recommend” the deal.
The latest development raises the stakes in the contest over Warner Bros. Discovery, which, along with its streaming and film studios, also owns cable channels including Food Network, HBO Max, HGTV, TBS and TNT.
Paramount Skydance has said that its bid represents a superior financial offer for Warner Bros. Discovery shareholders, while also describing Netflix’s bid as likely to run afoul of U.S. antitrust laws.
Netflix’s deal is only for Warner Bros. Discovery’s studio and streaming business, with the takeover slated to occur after Warner spins off its television networks. Paramount Skydance is bidding to acquire all of Warner Bros. Discovery’s assets.
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