Warner Bros Discovery (WBD) is said to be considering reopening talks with Paramount Skydance according to multiple reports, after Paramount made an improved offer for the company.

In December 2025, WBD agreed to sell its streaming and studios business to Netflix for $83 billion, rejecting a bid from Paramount worth $108 billion for the entire company, including the cable business, (which Netflix doesn’t want). Since then, Paramount has taken its bid to shareholders and twice sweetened its offer – including pay the $2.8 billion fee to Netflix if its deal would be necessary were the deal terminated –  but it has not raised the price per share.

Paramount has also added a ‘ticking fee’ amounting to around $650 million in cash each quarter if the deal is not closed by the end of the year.

In a February 10th filing, WBD confirmed receipt of Paramount’s further amended unsolicited tender offer and said it would review the proposal in line with its obligations under the Netflix merger agreement. If WBD does decide to formally open talks with Paramount it would need to notify Netflix first.

Members of the WBD board are now said to discussing whether Paramount is the better deal  – but have not decided how to respond.

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Tags: netflix, paramount, warner bros