Warner Bros. Discovery is now reportedly reconsidering whether to reopen sale talks with Paramount Skydance after receiving an amended offer which addresses the earlier concerns. As reported by Bloomberg, Paramount’s latest proposal includes covering the $2.8 billion fee owed to Netflix if Warner Bros. terminates its current agreement, backstopping debt financing and compensation shareholders if the deal fails to close by the year-end. Warner Bros. has already agreed to sell its Studio and HBO Max streaming business to Netflix in a deal valued $27.75 per share. However, Paramount has countered with a $30‑a‑share tender offer, appealing directly to shareholders and regulators. The Warner Bros board has not yet decided how to respond, but the discussion suggests Paramount’s bid could reignite a second bidding war.

What Paramount CEO David Ellison said about the new WBD offer

As per the report, Ellison said the new additions to Paramount’s bid “underscore our strong and unwavering commitment to delivering the full value [Warner Bros. Discovery] shareholders deserve for their investment.”“We are making meaningful enhancements — backing this offer with billions of dollars, providing shareholders with certainty in value, a clear regulatory path, and protection against market volatility,” he said in a statement.

Pressure mounting on shareholders

As per the Bloomberg report, many Warner Bros. shareholders including Ancora Holdings Group, Pentawater Capital Management have publicly urger the board to engage in talks with Paramount. While only a small fraction of shares have been tendered to Paramount so far, investor sentiment is pushing Warner Bros. to at least consider the rival offer.

Bidding war between Paramount and Netflix

Both Paramount and Netflix have signaled willingness to raise their bids. Paramount CEO David Ellison has said the current offer is not final, while Netflix leadership has told shareholders it could go higher. Still, both companies remain cautious about overspending, especially as Netflix shares have fallen more than 40% from their June peak amid investor concerns about the Warner Bros. deal.