Warner Bros. Discovery is seeking a higher price from Paramount after reopening talks, while recognizing that Netflix can likely match the offer. The move comes as the media giant moves forward with its Netflix merger and urges shareholders to reject Paramount’s current hostile bid.
Tens of billions of dollars are at stake in this deal, and Warner Bros. Discovery’s board is pushing for every possible billion out of its suitors. On Tuesday, Warner Bros. Discovery said it would hold a special shareholder meeting on March 20 and recommend voting to approve the Netflix deal, which values the studio and streaming assets at $27.75 per share.
Paramount CEO David Ellison had offered $30-per-share offer for all of WBD, including CNN, but Warner Bros. Discovery is officially opposing this bid. The company has argued that the sale to Netflix, along with the creation of Discovery Global, a new company housing the cable channels, is the best available option for investors.
Despite having a signed merger agreement, Netflix granted Warner Bros. Discovery a limited waiver to talk with Paramount for the next seven days. This allows Warner Bros. Discovery to seek a higher price from Paramount and potentially unlock more cash for its shareholders.
Source: https://edition.cnn.com/2026/02/17/media/wbd-netflix-paramount-shareholder-vote-bid