New York (AFP) - Warner Bros Discovery (WBD) said on Tuesday that Paramount Skydance has submitted an improved acquisition proposal that could lead the film and television group to reconsider its previous agreement with Netflix.

First modification: 02/25/2026 - 11:07

The new acquisition offer is the latest chapter in a saga with an impact on Hollywood and the American media, closely followed by President Donald Trump.

WBD's board of directors said in a statement Tuesday that Paramount's new proposal "could reasonably be expected to lead" to a higher offer than the existing deal with Netflix, but has yet to formally comment.

Paramount is now offering $31 per WBD share, up from $30 previously. Including WBD debt, that's a total valuation of $110 billion.

Paramount is also proposing to cover the $2.8 billion breakup fee that WBD would have to pay Netflix if it pulled out of the deal. And it promises $7 billion to Warner in case the deal with Paramount is not closed due to regulatory obstacles.

Netflix's offer does not include the television assets of Warner Bros studios, such as CNN and Discovery, which would pass to a new listed company if the agreement between WBD and the streaming giant is finalized.

WBD's board of directors stressed that it has not yet concluded that Paramount's offer is superior to Netflix's.

If WBD accepted Paramount's offer, Netflix would have four business days to submit a counteroffer.

Earlier on Tuesday, WBD said Paramount had made it a new offer, but said its deal with Netflix "remains in effect" and that board members were still "leaning in favor of the Netflix deal."

For now, WBD will continue to be in talks with Paramount and WBD shareholders have been advised not to take any action while the review is ongoing.

Netflix is ​​offering $83 billion for its more limited merger, but is expected to be willing to raise its offer to get closer to Paramount's new proposal.

Paramount is run by David Ellison and the operation is largely financed with money from his father, Oracle magnate Larry Ellison, who is close to Trump.

Trump has said he will be "involved" in any decision about the merger. The US Department of Justice is currently reviewing Netflix's proposed acquisition.

A victory for Paramount would put the CNN news channel, often challenged by Trump, under the control of the Ellison family. Paramount was already criticized after acquiring CBS, which would have brought changes more to the liking of the Trump administration.

For his part, in an interview with BBC Radio 4, Netflix co-CEO Ted Sarandos stated that "this is a commercial agreement, it is not a political agreement."

© 2026 AFP

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