Media and entertainment giant Warner Bros Discovery has reopened discussions with rival bidder Paramount Global after Paramount increased its acquisition proposal to roughly $31 per share, escalating a high-stakes competition that could reshape global streaming and studio ownership.
The renewed engagement comes amid mounting pressure over Warner Bros Discovery’s potential merger strategy, as the company weighs Paramount’s expanded all-cash offer against an earlier proposal from Netflix Inc.. Board members have not yet declared a preferred bidder but confirmed further negotiations will continue as financial and regulatory considerations are reviewed.
Paramount’s revised proposal introduces stronger financial safeguards designed to reassure Warner shareholders. The company increased its termination compensation commitment to $7 billion if the transaction fails to obtain regulatory approval, up from $5.8 billion under previous terms. In addition, Paramount offered quarterly shareholder compensation of 25 cents per share for any delay in closing the transaction beyond September 30.
