Warner Bros. Discovery (NASDAQ:WBD) confirmed Tuesday that it has received a revised acquisition proposal from Paramount Skydance, marking a dramatic escalation in the battle for Hollywood’s most storied studio and its massive library of IP.
The news comes immediately following the expiration of a seven-day "limited waiver" granted by Netflix, which allowed WBD to engage with Paramount Skydance to clarify what the board previously described as "unresolved deficiencies" in its financing and regulatory path.
While WBD did not disclose the specific terms of the new offer, a representative for Paramount Skydance had privately indicated a willingness to pay at least $31 per share—a premium over its previous $30-per-share, $108.4 billion all-cash bid.
Despite the revised offer, the WBD board stated that its existing merger agreement with Netflix remains in effect and that it "continues to recommend" the Netflix transaction.
Under the Netflix deal, valued at approximately $82.7 billion, the streaming giant would acquire WBD’s studios and streaming business (including HBO Max), while WBD’s linear television networks—such as CNN, HGTV, and TNT—would be spun off into a new entity called "Discovery Global."