The ongoing saga of the Warner Bros. sale isn’t over yet, as the studio has agreed to reopen negotiations with Paramount. Netflix–Warner Bros. Discovery’s preferred suitor–granted a seven-day period for the latter to talk with Paramount about its revised offer for the entire company.
In December 2025, Netflix unveiled a $82.7 billion bid for Warner Bros., jilting Paramount in the process. Subsequently, Paramount launched a hostile takeover bid and offered $108.4 billion. Warner Bros. has consistently rejected Paramount’s offer, even when the terms have appeared to be more favorable for WBD than Netflix’s.
Contractually, Warner Bros. needed to get Netflix’s permission to even entertain the idea of reopening negotiations with another bidder. In a statement, WBD noted that this new round of discussions will center on Paramount’s “best and final offer,” in addition to proposed terms that the studio feels are deficient compared to Netflix’s offer.
