Paramount’s Relentless Pursuit of Warner Bros Discovery
The battle for Hollywood’s next megamovie empire has intensified with Paramount Skydance’s latest, aggressive bid for Warner Bros Discovery (WBD). In a series of press releases and market‑watcher reports released on 24 Feb 2026, Paramount announced a new, higher offer—reported in several outlets as $31 per share—to eclipse competitors, notably Netflix, and to secure control of WBD’s vast content library.
A Rapidly Escalating Offer
The news surfaced in multiple languages and jurisdictions—ranging from Zeit in Germany to The Guardian in the UK—underscoring the international interest in the deal. Bloomberg, Reuters, and other financial news agencies confirmed that the bid represents a substantial increase over the earlier cash proposal. While the exact figure remains undisclosed in most reports, the consistent reference to a “higher” or “new” offer signals a significant premium on WBD’s market value.
WBD’s Position
Warner Bros Discovery, listed on Nasdaq under the ticker WBD, closed at $28.92 on 22 Feb 2026. Its market cap stands at $71.7 billion, with a price‑earnings ratio of 147.76, reflecting the premium investors expect for a company that owns a diverse portfolio of franchises across film, television, streaming, and gaming. The 52‑week high and low—$30 and $7.52 respectively—highlight the volatility investors face amid takeover speculation.
WBD’s board, as reported by The Guardian and Benzinga, reaffirmed its support for the company’s long‑term strategy and remains open to reviewing the new proposal. The board’s stance—“reviewing” the bid—suggests a cautious approach, weighing the offer against the company’s strategic autonomy and the potential of alternative partners.
The Netflix Counterplay
Several reports, notably from Affaritaliani and Livemint, hint at Netflix’s willingness to match or exceed Paramount’s offer, should it believe that acquisition of WBD would solidify its competitive edge in the streaming wars. The prospect of a bidding war between two media giants—Paramount and Netflix—injects a layer of unpredictability into the process. The possibility of antitrust scrutiny, as mentioned in Affaritaliani (“antitrust in agguato”), further complicates the landscape.
Market Implications
A successful takeover by Paramount would create a conglomerate that could leverage cross‑platform synergies: Paramount’s film and television pipeline, Warner’s extensive library and streaming assets, and Skydance’s production capabilities. The deal would likely reshape content distribution and could erode Netflix’s market share, sparking a ripple effect across the industry.
Conversely, should WBD reject the offer or negotiate a higher counter, the market may reassess the valuation of media assets in an era where streaming dominance and brand value intertwine. The company’s current price‑earnings ratio, sitting at 147.76, already indicates a steep premium over traditional media peers, implying that any acquisition must deliver substantial strategic upside.
Conclusion
Paramount Skydance’s renewed, higher bid for Warner Bros Discovery signals a decisive push to dominate the media landscape. As the board reviews the offer amid potential Netflix competition and antitrust concerns, the stakes for shareholders, executives, and the broader entertainment market remain high. The outcome will not only dictate the future of WBD but could set a new precedent for consolidation in the age of streaming.
