Bidding War Escalates as Warner Bros. Weighs Paramount Offer Against Netflix Deal

By: Israel Adeleke

OPEN TELEVISION NAIJA (OTN) News reports as gathered that a brand name that has been used by several multinational mass media and entertainment, Warner Bros. Discovery, has said that it is reviewing a revised takeover proposal from Paramount Skydance, even as the media conglomerate’s board reiterates its support for an existing acquisition agreement with Netflix, intensifying a high-stakes bidding war poised to reshape Hollywood.

OTN News further reports as gathered that Warner Bros. Discovery in a statement on Tuesday, confirmed receipt of the improved proposal from Paramount Skydance, describing it as a revised offer now under evaluation with financial and legal advisers.

“We received a revised (Paramount) proposal to acquire WBD, which we are reviewing in consultation with our financial and legal advisors,” the company said, adding that shareholders would be updated once the review is completed.

Despite acknowledging the fresh bid, Warner Bros. Discovery was careful to underline its current position, stressing that its previously announced deal with Netflix remains firmly in place. 

The board said directors “continue to recommend in favor of the Netflix transaction,” and urged shareholders to take no action on the Paramount proposal while deliberations continue.

OTN News observes from the information gathered that, details of Paramount’s new offer were not disclosed. 

However, the move marks the latest escalation in a contest that has drawn political attention at the highest level, with United States President, Donald Trump insisting he will have a say in the outcome.

Paramount confirmed submitting the revised bid and acknowledged that Netflix could counter with an improved offer if Warner Bros. formally determines that Paramount’s proposal constitutes a “superior proposal.” 

Recalls that in its earlier attempt, Paramount Skydance sought to acquire all of Warner Bros. Discovery for $108 billion, an offer the Warner board rejected. 

Despite that setback, Paramount said it continues to encourage shareholders to back its proposal, effectively positioning the move as a hostile takeover attempt.

The standoff has also spilled into the courts. Paramount has filed a lawsuit against Warner Bros. Discovery, alleging a lack of transparency in its negotiations with Netflix.

Netflix’s existing proposal, valued at $83 billion, involves a more limited merger and does not include Warner Bros. television assets such as CNN and Discovery.

Those properties would be spun off into a newly created publicly traded company if the Netflix deal is finalised. 

Industry analysts expect Netflix to be prepared to raise its offer to narrow the gap with Paramount’s sweetened bid.

Regulatory scrutiny is already underway. Trump has said he will be “involved” in any decision on the merger, while the US Department of Justice is reviewing Netflix’s proposed acquisition. 

European regulators and other international authorities are also expected to weigh in, adding layers of complexity to the deal-making process.

Political considerations have further clouded the contest. OTN News further observes that Paramount is led by David Ellison and financed largely by his father, Larry Ellison, a longtime Trump ally. 

A Paramount victory would place CNN — frequently targeted by Trump’s criticism — under Ellison family control, raising fresh concerns about editorial independence. 

Similar criticism followed the Ellison-backed takeover of Paramount-owned CBS, which some observers say led to changes in the network’s news division more aligned with White House preferences.

Tensions escalated further over the weekend when Trump publicly called on Netflix to dismiss board member Susan Rice, warning of unspecified consequences after she suggested Democrats would push for greater corporate accountability if they regain power in November’s midterm elections.

Responding to the controversy, Netflix co-CEO, Ted Sarandos, sought to downplay political pressure. 

“He likes to do a lot of things on social media. This is a business deal. It’s not a political deal,” Sarandos told BBC Radio 4.

As Warner Bros. Discovery weighs Paramount’s latest bid against its preferred Netflix agreement, the outcome of the battle promises to redefine the balance of power in global media — with corporate strategy, regulatory scrutiny and political influence all colliding in one of Hollywood’s most consequential takeover fights in years.