Netflix is prepared to increase its $82.7 billion offer for Warner Bros. Discovery (WBD) if Paramount Skydance submits a higher bid. This potential move aims to secure WBD’s studio and streaming businesses, including the HBO brand and franchises like Harry Potter and DC Comics.
Reuters reported the development on February 19. WBD shareholders are scheduled to vote on the current Netflix offer in March. The company has granted Paramount a one-week window to present a more competitive proposal.
Wall Street investors have expressed concern over the potential acquisition's financial and regulatory implications. Analysts cite the significant debt required to fund the deal and potential antitrust hurdles facing a merger of two streaming giants. These factors contributed to a decline in Netflix’s stock price during 2026.