WBD declared Paramount Skydance's bid superior to Netflix's offer
Netflix has four business days to propose a revised counteroffer
The original Netflix-WBD deal was valued at nearly $83 billion
WBD could terminate the Netflix agreement if no superior counteroffer is made
📖 Full Retelling
The board of Warner Bros. Discovery declared Thursday that the latest offer from Paramount Skydance constitutes a 'superior proposal' compared to its existing agreement with Netflix, triggering a four-day window for the streaming giant to make a counteroffer to the nearly $83 billion deal originally reached in early December. In a formal statement, WBD notified Netflix of its determination, invoking a clause in their existing merger agreement that allows for such a process when a competing offer is deemed more favorable. This development represents a significant shift in one of the largest media industry mergers in recent history, potentially derailing Netflix's ambitious plan to acquire WBD and creating uncertainty for the future of both entertainment giants. The move comes amid intense consolidation within the streaming and media sectors, as companies seek to strengthen their content libraries and competitive positioning in an increasingly crowded market.
🏷️ Themes
Corporate Mergers, Media Industry, Streaming Competition
# Netflix
**Netflix** is an American subscription video-on-demand (SVOD) over-the-top streaming service. It serves as the primary distribution platform for both original and acquired content, including feature films, television series, documentaries, and specials across a vast array of genres and i...
Paramount Skydance Corporation (doing business as Paramount) is an American multinational mass media and entertainment conglomerate. The company is headquartered at the Paramount Pictures lot in the Hollywood neighborhood of Los Angeles, California, with multiple of Paramount's divisions and subsidi...
Warner Bros. is a brand name that has been used by several multinational mass media and entertainment companies and corporations, mostly based in the United States, with attributions to Warner Bros. Pictures, a major American film studio founded on April 4, 1923.
Feb 26, 2026 1:27pm PT Warner Bros. Discovery Declares New Paramount Bid a ‘Superior Proposal’; Netflix Has Four Business Days to Match By Cynthia Littleton Plus Icon Cynthia Littleton Business Editor @Variety_Cynthia Latest LISTEN: ‘We’re a Sprint’: Actor Awards EP Jon Brockett on Producing the Live Kudocast for Netflix 2 hours ago Warner Bros. Discovery Leaders Talk ‘Stunning’ Film Studio Revival, a ‘Reset Year’ for Gaming and Discovery Global Cable Spinoff Plans 7 hours ago Paramount Brass Talk Film Studio’s ‘Rebuild Phase’ and Potential for New NFL Rights Deal 23 hours ago See All The board of Warner Bros. Discovery said Thursday it has determined that the latest offer from Paramount Skydance is a “superior proposal” to its existing pact with Netflix. The move sets off a four-day clock for Netflix to make a counteroffer to the nearly $83 billion deal that it reached with WBD in early December. In a statement Thursday, WBD stated, “WBD has notified Netflix of its determination that the PSKY proposal constitutes a “Company Superior Proposal.” Under the terms of the Netflix merger agreement, this notice triggers a four business day period during which Netflix has the right to propose revisions to the Netflix merger agreement so that the PSKY proposal would cease to constitute a “Company Superior Proposal.” Following the conclusion of this period, if the Board determines in good faith, after consultation with its independent financial and legal advisors, that, after considering any revisions to the terms of the Netflix merger agreement proposed by Netflix, the PSKY proposal continues to constitute a “Company Superior Proposal,” WBD would be entitled to terminate the Netflix merger agreement.” More to come Popular on Variety Jump to Comments More from Variety ‘Everybody Digs Bill Evans’ Review: An Aching Jazz Biopic Played With a Delicate Pianissimo Touch ‘Yo (Love is a Rebellious Bird)’ Review: A Moving Documentary Memorial Through a Decade of Puppets and Miniatures...
