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Warner Bros Discovery Considers Renewed Talks With Paramount

By  |  February 16, 2026

Warner Bros Discovery is evaluating whether to re-engage in sale discussions with Paramount Skydance following the submission of a revised unsolicited offer, according to Reuters.

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    Reuters reported on Sunday (Feb. 15) that members of Warner Bros Discovery’s board are deliberating whether Paramount’s latest proposal could lead to a more attractive transaction for shareholders. The report indicated that the board has not yet reached a decision on how to proceed and could ultimately maintain its existing agreement with Netflix.

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    According to Reuters, Paramount recently sweetened its approach by offering additional financial incentives to Warner Bros Discovery shareholders. The company proposed a 25-cent-per-share quarterly “ticking fee,” amounting to roughly $650 million in cash annually, beginning in 2027 and continuing until the transaction is completed. The enhanced proposal also includes a commitment to pay the $2.8 billion breakup fee that Warner Bros Discovery would owe Netflix if it terminated its current deal.

    However, per Reuters, Paramount did not increase its standing offer price of $30 per share, which values the overall transaction at approximately $108.4 billion, including debt.

    Read more: Paramount Signals No Retreat in Battle for Warner Bros. Discovery

    Both Netflix and Paramount are reportedly interested in Warner Bros. Discovery for its prominent film and television production operations, deep content catalog, and globally recognized franchises. These include “Game of Thrones,” “Harry Potter,” and DC Comics properties such as Batman and Superman, according to Reuters.

    Meanwhile, activist investor Ancora Holdings has emerged as a vocal critic of the Netflix agreement. Per Reuters, the firm, which has accumulated nearly a $200 million stake in Warner Bros Discovery, announced last week that it intends to oppose the Netflix deal. Ancora argues that the company’s board did not adequately engage with Paramount regarding its competing bid, which would also encompass cable assets such as CNN and TNT.

    Source: Reuters