Warner Bros. Discovery (WBD) is giving Paramount just seven days to present its “best and final” bid after rejecting the studio giant’s latest offer. This move comes as WBD continues to favor Netflix’s $82.7 billion acquisition deal, which remains the front-runner in a high-stakes battle for one of Hollywood’s most influential media companies. Paramount’s latest proposal, while higher than previous offers, has yet to convince WBD board members that it can match Netflix’s long-term value and regulatory certainty.
Paramount, led by David Ellison, recently signaled it would pay $31 per share if WBD reopens negotiations. However, the company emphasized this is not its final proposal, suggesting that even higher offers could be on the table. Paramount’s strategy includes covering the $2.8 billion termination fee WBD would owe if it walks away from Netflix’s deal, highlighting the seriousness of its pursuit. Despite these adjustments, WBD’s board continues to assess which bid truly serves shareholder interests best.
Netflix has granted WBD a seven-day waiver to explore Paramount’s offer, underscoring its willingness to resolve the bidding war transparently. However, Netflix has raised concerns over the foreign funding backing Paramount’s bid, particularly citing investments from Saudi Arabia’s Public Investment Fund and other Middle Eastern partners. These concerns have drawn attention from U.S. lawmakers, emphasizing the complex intersection of global investment and national security in major media mergers.
Samuel Di Piazza, Jr., chair of WBD’s board of directors, reiterated that the Netflix merger offers the clearest path for regulatory approval while minimizing risk for shareholders. According to Di Piazza, the Netflix transaction not only guarantees significant financial value but also includes protections against potential market downside—a critical consideration in an unpredictable entertainment landscape. Shareholders are slated to vote on the merger on March 20, 2026, which will be a decisive moment in determining the future of the company.
This bidding clash highlights the growing strategic importance of streaming platforms and content ownership. Netflix’s dominance as a streaming service, coupled with WBD’s valuable content library, positions the merger as a transformative deal in the media industry. Meanwhile, Paramount’s aggressive pursuit reflects broader consolidation trends and the willingness of major studios to navigate regulatory hurdles and international partnerships to stay competitive.
With the clock ticking, Paramount has just one week to convince WBD that its bid is the superior option. Meanwhile, Netflix continues to solidify its position as the preferred buyer, banking on regulatory assurances and shareholder confidence. The outcome of this negotiation could reshape Hollywood’s content landscape, influencing streaming competition, studio consolidation, and the future of global media investment strategies.
For investors, the WBD-Netflix deal offers clarity and risk mitigation, while Paramount’s bid presents potential upside coupled with geopolitical considerations. For viewers, the merger could affect content availability, streaming pricing, and the creative direction of some of Hollywood’s most iconic franchises. As both sides refine their strategies, the industry—and audiences worldwide—are bracing for a decision that could redefine entertainment in the streaming era.
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