WBD: Paramount-Skydance bid could edge out Netflix in ongoing deal duel

Warner Bros. Discovery said Paramount Skydance’s revised bid to buy the entire company (including its cable networks) could be preferable to Netflix’s deal, lifting the offer to $31 per share (~$77 billion) with a $7 billion reverse termination fee and reimbursement of costs if regulators block Netflix’s agreement. The board has not yet chosen a winner, Netflix would have four days to respond if WBD shifts bids, and the bidding war—fired up after Paramount’s unsolicited late-2025 offer—continues amid antitrust scrutiny. Analysts say roughly $34 a share could end the contest, and Paramount has welcomed the latest development while regulators’ approval remains required.