Paramount Skydance has raised its offer to buy Warner Bros. Discovery, extending the long-running dispute over one of Hollywood’s most iconic studios, according to people familiar with the matter.
The new proposal improves on the previous $30 per share, all-cash offer that Paramount took directly to Warner Bros. shareholders. on Dec. 8, and addresses some of the company’s concerns with previous Paramount proposals, according to these people, who requested anonymity because the details are not public. Among these points are greater security in relation to Paramount’s financing.
The media giant had agreed in December to sell its film and TV studios and HBO Max business to Netflix for $27.50 per share. This agreement provides for the spin-off of Warner Bros. pay TV channels, such as CNN and TNT.
On February 17, Warner Bros. agreed to reopen negotiations with Paramount for a period of seven days, until February 23. If the Warner Bros. board If Paramount’s new offer is superior to the current deal, Netflix will have four days to respond.
© 2026 Bloomberg L.P.
