Warner Bros. Weighs Reopening Sale Talks With Paramount, Bloomberg Reports
Warner Bros. Discovery is reportedly considering reopening sale negotiations with Paramount Skydance after receiving an amended offer from its rival suitor, according to a Bloomberg report published Sunday.
Citing people familiar with the matter, Bloomberg said members of Warner Bros.’ board are discussing whether Paramount’s revised proposal could provide a superior path forward compared to the company’s current deal with Netflix. No final decision has been made, and the board could ultimately choose to stick with the Netflix agreement.
Paramount recently sweetened its bid by offering shareholders additional compensation if the deal does not close on schedule. The company proposed a 25-cent-per-share quarterly “ticking fee,” totaling roughly $650 million annually, beginning in 2027 until the transaction is completed. Paramount also agreed to cover Warner Bros.’ $2.8 billion breakup fee owed to Netflix should the HBO parent exit its current agreement.
Despite those concessions, Paramount did not increase its $30-per-share offer, which values the deal at approximately $108.4 billion including debt.
Reuters reported that it could not immediately verify Bloomberg’s account. Paramount, Warner Bros., and Netflix did not respond to requests for comment.
Both Netflix and Paramount are reportedly interested in Warner Bros. for its expansive content library and globally recognized franchises, including Game of Thrones, Harry Potter, and DC Comics properties such as Batman and Superman. The company’s film and television studios remain among the most valuable assets in Hollywood.
Activist investor Ancora Holdings, which has built a stake approaching $200 million in Warner Bros., has publicly opposed the Netflix deal. The firm argues that the board did not sufficiently engage with Paramount’s competing offer, which would also bring cable assets such as CNN and TNT into the transaction.
The situation sets up a high-stakes showdown in the media industry, as major players maneuver for control of one of Hollywood’s most storied entertainment empires.
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