By George Glover
Paramount Skydance has made a revised offer for all of Warner Bros. Discovery as it bids to one-up Netflix in Hollywood's biggest takeover battle.
"Following engagement with Paramount Skydance during the seven-day limited waiver period, we received a revised PSKY proposal to acquire Warner Bros. Discovery, which we are reviewing in consultation with our financial and legal advisors," Warner said in a statement on Tuesday.
Warner added that it would update shareholders following a board review. For now, the board is still recommending that shareholders back the Netflix deal.
Paramount and Netflix didn't immediately respond to requests for comment from Barron's.
Warner reopened talks with Paramount last week, giving it until Monday to submit its best and final offer.
Paramount's most recent offer was $30 for all of Warner Discovery plus a so-called ticking fee of 25 cents a share, payable for each quarter it hasn't closed the deal beyond the end of 2026. Netflix agreed in December to buy Warner's streaming and studios assets for $27.75 a share, with the Discovery cable assets being spun out to investors.
Warner didn't reveal the details of Paramount's revised bid on Tuesday Warner said last week that a senior representative for Paramount had signaled it would be willing to raise its offer to $31 a share, and that this didn't constitute the best and final bid.
Warner shares climbed 1% to $29.20 ahead of Tuesday's opening bell. Paramount climbed 0.4% to $10.60, and Netflix ticked up 0.4% to $76.31.
Write to George Glover at george.glover@dowjones.com
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(END) Dow Jones Newswires
February 24, 2026 08:43 ET (13:43 GMT)
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