By the numbers: How the Netflix, Paramount bids for Warner Bros stack up

Warner Bros Discovery on February 24, 2026 announced that Paramount Skydance's revised $31 per share offer could reasonably be considered a superior proposal to its ongoing deal with Netflix, potentially opening negotiations with the Hollywood studio that owns HBO Max and the 'Harry Potter' franchise. The increased offer includes a daily ticking fee of $0.25 per quarter beginning after September 30, giving Netflix four days to match the new terms if the Warner Bros board determines the Paramount bid is superior. This development comes as both media giants compete fiercely for control of one of Hollywood's most valuable content libraries and streaming platforms. The competing offers represent a significant battle for media industry dominance with substantial financial differences. Netflix's original bid valued Warner Bros at $27.75 per share in all-cash terms, while Paramount's revised offer represents a premium of 147% to Warner Bros' stock price as of September 10. Netflix had committed to $2-3 billion in annual savings through the combination, whereas Paramount expects to execute more than $6 billion in cost synergies. The closing timelines also differ, with Netflix proposing between 12-18 months, while Paramount has indicated a timeline of more than 12 months for completing the acquisition. The financial backing behind each bid differs significantly, reflecting the contrasting strategies of the competing media giants. Netflix's offer is supported by debt funding of up to $59 billion through Wells Fargo, BNP Paribas, and HSBC Bank. In contrast, Paramount's offer is fully financed by increased equity commitments of $43.6 billion from the Ellison family and RedBird Capital Partners, a $43.3 billion personal guarantee from Larry Ellison, and $54 billion in debt commitments from Bank of America, Citigroup, and Apollo, with additional financing from Saudi Arabia's Public Investment Fund and other international investors. Beyond the financial terms, Paramount has agreed to cover Warner Bros' existing $2.8 billion breakup fee owed to Netflix and would also backstop Warner Bros' planned debt exchange, eliminating potential $1.5 billion fees owed to bondholders.