The bidding war for Warner Bros. Discovery (WBD) just tilted again.
Multiple reports say WBD is now weighing whether to reopen talks with Paramount Skydance after Paramount sent a revised offer meant to undercut the existing Netflix deal.
What’s being reported: WBD may reopen talks with Paramount
The NY Post, NY Times, Reuters, and Bloomberg report that WBD is considering reopening sale discussions with Paramount and Skydance after receiving an amended bid.
WBD has publicly said it will “carefully review and consider” the Paramount offer under the terms of its agreement with Netflix.
That’s the key shift: WBD is no longer acting like Paramount is just background noise. The door looks cracked open again.
The revised Paramount terms: breakup fee coverage + a “ticking fee”
Here’s what’s getting the headlines: Paramount is offering to cover the $2.8 billion breakup/termination fee tied to walking away from the Netflix agreement.
Paramount added a 25-cent-per-share “ticking fee” paid quarterly if the deal drags past December 31, 2026 (the reporting frames this as extra value to WBD shareholders if regulators delay).
Paramount is trying to make “delay risk” someone else’s problem by literally paying for time.
Why the momentum is shifting toward Paramount
One read (including Wall Street chatter) is that Paramount has gained ground because the Netflix structure raises more political and regulatory heat, while Paramount’s revised terms are designed to look more “shareholder-friendly” on paper.
Recent coverage also points to prediction-market odds tightening, with Paramount closing the gap fast.
And if WBD’s board is even willing to revisit talks, that alone signals Paramount’s pressure campaign is working.
The Trump angle: “last word” talk hits X
A new wrinkle is getting attention on X: David D. Tawil posted that Trump will have the “last word” (exactly as I have said) on a Warner Bros purchase, and that the winner is likely to be Ellison.
That’s not an official indicator of anything by itself, but it matches the political reality of deals this size: whoever wins may still need the right people in Washington to stop throwing sand in the gears, especially with Netflix being “woke.”
New rumor: Paramount could merge with Comcast (NBCUniversal)
Now for the spicy part.
Status News reports industry whispers that Comcast CEO Brian Roberts could make a run at Paramount, especially if the Ellison “Warner dream” stalls out.
Right now this is still rumor-level chatter, but it’s the kind of chatter that starts showing up when everyone is gaming out the “what if the main deal dies” scenarios.
What is interesting is that Taylor Sheridan is leaving Paramount for Comcast. Well, Sheridan wouldn’t be making much of an exit if Paramount Comcast happens.
What this could mean for DC fans: SnyderVerse talk returns
This is where things get interesting for DC fans.
I’ve been told for a while now that if Paramount ends up winning, the SnyderVerse is back in full play.
On the flip side, if Netflix wins, I’ve also been told Zack Snyder could end up adapting The Dark Knight Returns and wants Ben Affleck as Batman.
As it stands now, if it’s looking like Paramount wins, Zack Snyder will be back in full force with the DCEU.
