Feb. 24, 2026 – Entertainment Sector – Paramount Skydance (PSKY) is reportedly preparing a decisive move in its pursuit of Warner Bros. Discovery (WBD), with industry sources indicating a potential $32 per share offer for the company. This figure exceeds the $31 per share level previously signaled by a senior Paramount executive, who suggested the company could increase its proposal if WBD reengaged in talks.

Warner Bros. Discovery last week agreed to renegotiate for a best and final offer, setting a seven-day deadline that expires at 11:59 p.m. ET on Feb. 23, a timetable that may influence whether the current transaction sees competing bids.

Paramount’s revised proposal reportedly includes additional safeguards to appeal to WBD shareholders. The offer would provide a ticking fee of at least $650 million per quarter payable if regulatory approval is delayed beyond 2026, as well as a commitment to cover the $2.5 billion termination fee owed to Netflix (NFLX) under the existing agreement. In a separate SEC filing, Paramount disclosed that the 10-day U.S. antitrust waiting period for its all-cash offer has expired, removing statutory obstacles to closing the deal.

Netflix signals caution amid the potential bid. Co-CEO Ted Sarandos told Variety on Feb. 20 that the company has a history of walking away if overpaying, noting that its signed deal with Warner Bros. Discovery remains in place and no superior offers have yet emerged. Under the current agreement, Netflix retains the right to match any competing proposal.

Warner Bros. Discovery plans a special shareholder meeting on March 20 to vote on the Netflix transaction. Investors are watching closely to see if Paramount formalizes its $32 per share bid and whether Netflix chooses to respond or step aside.