Paramount Global and Skydance Media have increased their acquisition proposal for Warner Bros. Discovery to $31 per share, escalating from their initial $108.4 billion bid at $30 per share. The higher valuation represents a material increase in the combined entertainment company's offer as it competes directly with Netflix for control of the media conglomerate.
The heightened bid comes as prominent industry figures voice concerns about the competitive implications of Netflix's potential acquisition. Director James Cameron has publicly cautioned that a Netflix takeover could fundamentally alter the theatrical film business model, raising questions about the strategic direction of content distribution across the sector.
Warner Bros. Discovery's board is expected to evaluate the revised Paramount-Skydance proposal while maintaining its prior recommendation of the Netflix transaction to shareholders. Under the existing merger agreement terms, Netflix retains the contractual right to match any competing offer, potentially triggering further bidding escalation.