Warner Bros. Discovery’s board is weighing whether to reopen talks with Paramount Skydance after receiving a revised takeover proposal, according to a Bloomberg report published on Sunday.
The development comes weeks after Warner Bros. Discovery agreed to sell its film studio and HBO Max streaming service to Netflix for $27.75 per share.
That deal, signed in December 2025, values the company at about $83 billion.
Soon after, Paramount Skydance, which owns CBS and MTV, launched a hostile all-cash bid of $30 per share. The offer values Warner Bros. at $108.4 billion, including debt.
Last week, Paramount revised its proposal but did not increase the $30 per share price. Instead, it introduced new financial incentives.
The company said it would pay shareholders a 25-cent-per-share quarterly “ticking fee” starting in 2027 for every quarter the deal is still pending after 31 December 2026. That payment would amount to roughly $650 million in cash per quarter.
Paramount also agreed to cover the $2.8 billion termination fee Warner Bros. would owe Netflix if it walks away from their agreement. In addition, it pledged to eliminate $1.5 billion in potential refinancing costs.
According to Bloomberg, members of the Warner Bros. board are discussing whether Paramount’s latest proposal could lead to a stronger result for shareholders. The board has not reached a decision and may still proceed with the Netflix deal.
Paramount, Warner Bros. Discovery and Netflix did not respond to requests for comment.
Both bidders are pursuing Warner Bros. for its film and television studios, vast content library and major franchises. These include Game of Thrones, Harry Potter and DC Comics superheroes such as Batman and Superman. The company’s streaming platform, HBO Max, is also a key asset.
Shareholders, including Ancora Holdings, which holds a stake of nearly $200 million, has said it plans to oppose the Netflix transaction. The firm argues that the board did not engage sufficiently with Paramount over what it considers a superior offer.
Both Netflix and Paramount have indicated they are willing to improve their terms to secure the deal, Bloomberg reported. The board is currently reviewing its options.
