Paramount Skydance enhanced its takeover proposal for Warner Bros. Discovery on February 10, 2026. This development challenges Netflix’s definitive agreement to acquire the media giant. The competing bid complicates Netflix’s planned absorption of the HBO content library and the Warner Bros. film and television studios.
Paramount’s updated offer includes an agreement to cover the $2.8 billion termination fee Warner Bros. Discovery would owe Netflix. The proposal also introduces a cash ticking fee for shareholders for every quarter the transaction extends beyond the end of 2026. These terms aim to pressure the Warner Bros. Discovery board to reconsider its existing merger agreement with Netflix.