Warner Bros Discovery Weighs Amended Paramount Skydance Bid as Netflix Takeover Battle Intensifies

Warner Bros Discovery Inc (NASDAQ: WBD) has reignited speculation around a major media industry consolidation after confirming it will consider an amended takeover proposal from Paramount Skydance Corp (NASDAQ: PSKY). The announcement came Monday evening, only hours after Oracle co-founder Larry Ellison revealed he would personally guarantee approximately $40 billion to support the Paramount Skydance deal, significantly strengthening its financing credibility.

Despite agreeing to review the revised offer, Warner Bros Discovery’s board reaffirmed that it continues to recommend a competing takeover proposal from Netflix, underscoring the intensity of the ongoing bidding war between some of the world’s most powerful entertainment and technology companies. The development highlights the strategic value of Warner Bros’ film, television, and streaming assets at a time when content scale and global distribution are critical competitive advantages.

Earlier on Monday, Paramount Skydance reiterated its all-cash bid of $30 per share for Warner Bros Discovery, valuing the company at approximately $108.4 billion. While the headline price remains unchanged, Paramount has made several adjustments aimed at addressing Warner’s previous concerns. In a regulatory filing, the studio disclosed that it raised the reverse termination fee to $5.8 billion from $5 billion, offering Warner greater protection should the deal collapse. In addition, Ellison’s personal guarantee and commitment not to revoke or transfer assets from the Warner family trust during the transaction add further assurance around deal certainty.

Warner Bros Discovery had previously urged shareholders to reject Paramount’s approach earlier in December, favoring instead Netflix’s $27.75-per-share proposal. Although Netflix’s offer is lower on a per-share basis, the board appears to view it as strategically attractive, potentially due to execution confidence, streaming synergies, and long-term growth prospects.

As investors closely monitor the Warner-Netflix-Paramount bidding war, the outcome could reshape the global media landscape. With escalating offers, enhanced guarantees, and boardroom deliberations underway, Warner Bros Discovery remains at the center of one of the most closely watched takeover battles in recent years.