Warner Bros. Discovery backs Netflix deal, reopens talks with Paramount for final offer

Warner Bros. Discovery has reopened negotiations with Paramount, even as it continues to support its proposed merger with Netflix. The move comes after Netflix granted a temporary waiver, allowing Warner to engage with Paramount for a limited period to evaluate a potentially superior offer.

Paramount has been pursuing a hostile takeover of the media giant and has now been given seven days to submit its “best and final” bid. The company has previously proposed an all-cash deal that values Warner Bros. Discovery higher than Netflix’s current offer and has pledged to cover the breakup fee if Warner exits its agreement with Netflix.

Despite reopening discussions, Warner’s board remains committed to the Netflix transaction, which focuses on acquiring the studio and streaming assets, including HBO and its content library. Paramount’s proposal, in contrast, seeks to acquire the entire company, including its television networks.

The battle underscores rising consolidation in the global entertainment and streaming sector. A shareholder vote on the Netflix deal is scheduled for March, while regulatory scrutiny is expected to intensify as both proposals face antitrust reviews across multiple markets.