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
Reuters, citing Bloomberg reporting, says WBD is considering reopening sale discussions with Paramount 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.
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”
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 getting attention on X: David D. Tawil posted that Trump will have the “last word” on a Warner Bros purchase, and that the winner is likely to be Ellison.
New rumor: Paramount could merge with Comcast (NBCUniversal)
Industry whispers offer 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.
