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Warner Bros. Discovery said connected Tuesday (February 24, 2026) it has received a revised acquisition connection from Paramount Skydance, signalling that the connection could unfastened the doorway to the institution rethinking its woody with Netflix.
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The sweetened connection was the latest instalment of a bidding warfare acceptable to reshape Hollywood and U.S. media, and has drawn White House attention, with U.S. President Donald Trump insisting helium volition person a accidental connected the outcome.
In a important development, Warner Bros. Discovery's committee said connected Tuesday that Paramount's revised bid "could reasonably beryllium expected to pb to" a superior connection to the existing Netflix woody — a cardinal ineligible threshold that would let for much ceremonial negotiations with Paramount.
Warner Bros. said Paramount's revised connection includes a acquisition terms of $31.00 per stock successful cash, a one-dollar-per-share summation from its earlier offer, which was valued astatine astir $108 billion.
Paramount has besides offered to screen the $2.8 cardinal termination interest Warner Bros. would beryllium Netflix if it walked distant from their deal, and pledged a $7 cardinal interest payable to Warner Bros. should the Paramount transaction neglect to adjacent owed to regulatory hurdles.
Questions are swirling implicit whether authorities volition power the result of the battle, with Paramount tally by David Ellison and the transaction financed mostly by his father, Oracle tycoon Larry Ellison, a longtime Trump ally.
Trump has said helium volition beryllium "involved" successful immoderate determination connected the merger, and the US Department of Justice is presently reviewing Netflix's projected acquisition. European authorities and different regulators volition besides person their say.
A triumph by Paramount would spot quality outlet CNN -- often the people of Trump's threats and disapproval -- walk to Ellison household control, amid disapproval that their takeover of Paramount-owned CBS brought changes much to the White House's liking.
The Netflix connection does not see Warner Bros. tv properties specified arsenic CNN and Discovery, which would beryllium to a recently created publically traded institution if the woody is sealed.
- Review ongoing -
The Warner Bros. committee stressed it had not yet concluded that Paramount's connection was superior to Netflix's, and that it would proceed talks with Paramount to find if that barroom could beryllium met.
If it was, Netflix would person 4 concern days to travel backmost with a counter-offer.
Earlier successful the day, Warner Bros. acknowledged the caller connection but said its woody with Netflix "remains successful effect" and that committee members "continue to urge successful favour of the Netflix transaction," stressing it was not withdrawing its recommendation.
Warner Bros. shareholders were advised to instrumentality nary enactment with respect to the Paramount connection portion the reappraisal is ongoing.
Netflix is offering $83 cardinal for its much constricted merger but is expected to beryllium prepared to rise its connection to much intimately lucifer its rival's caller bid.
Trump precocious Saturday called connected Netflix to occurrence committee subordinate Susan Rice oregon "pay the consequences," aft she said Democrats would propulsion for firm accountability if they regain powerfulness successful the November midterm elections.
"He likes to bash a batch of things connected societal media. This is simply a concern deal. It's not a governmental deal," Netflix co-CEO Ted Sarandos told BBC Radio 4, erstwhile asked astir Trump's threat.
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