The Paramount logo is shown on a structure at the Paramount studio lot in Hollywood, Los Angeles, California, U.S., Feb. 26, 2026.
Mike Blake | Reuters
Warner Bros. Discovery has valued Paramount Skydance‘s latest offer as superior to Netflix, another twist in the ongoing sale process.
Netflix will have four business days to make changes to its own proposal, according to a WBD statement on Thursday.
Paramount raised its offer to $31 per share, up from $30 per share, earlier this week. The bid, which is all cash, was the latest amendment to Paramount’s multiple offers in recent months — and since moving forward with its hostile offer.
Netflix previously agreed to acquire WBD’s studio and streaming assets for $27.75 per share in December, which values the assets at roughly $72 billion, with a total enterprise value of approximately $82.7 billion.
Paramount’s offer is for the entirety of WBD, including its pay TV networks, such as CNN, TBS and TNT.
A Netflix spokesperson didn’t immediately respond to a request for comment on Thursday.
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