Warner Bros Discovery has rejected Paramount Skydance’s revised $30-per-share hostile bid but has given the rival studio seven days to submit a final proposal that could potentially challenge its existing agreement with Netflix.
The decision suggests Warner Bros still favors its current deal with Netflix, which involves selling key assets including HBO Max and major franchises such as Harry Potter. Paramount has until February 23 to present what Warner Bros described as a “best and final” offer, although Netflix retains the right to match any competing proposal.
Paramount has signaled it may be willing to raise its bid beyond $31 per share, while continuing to oppose the Netflix agreement and pursue influence over Warner Bros’ board.
The bidding contest underscores the strategic value of Warner Bros’ vast film and television library, spanning classic titles like Casablanca to globally recognized properties such as Batman and Friends.
Netflix’s current offer values Warner Bros’ studio and streaming businesses at approximately $82.7 billion, while Paramount’s full-company proposal stands at about $108.4 billion.
Warner Bros is preparing for a shareholder vote on the Netflix transaction scheduled for March 20. The deal would follow the planned spin-off of its Discovery Global cable operations into a separate publicly traded entity.
Activist investors and ongoing negotiations add further pressure, as the board weighs financial certainty against the possibility of a higher competing bid.
