Warner Bros Discovery is considering reopening sale talks with rival studio Paramount, Bloomberg News reported on Sunday, citing people familiar with the matter.
According to the report, members of Warner Bros’ board are debating whether Paramount could deliver a better deal than the company’s current agreement with Netflix. No decision has been made, and the board may still choose to proceed with the Netflix deal.
Reuters could not independently verify the report. Warner Bros, Paramount, and Netflix did not respond to requests for comment.
Paramount recently sweetened its bid by offering Warner Bros shareholders additional cash if the deal fails to close on time. The company proposed a quarterly “ticking fee” of 25 cents per share—about $650 million in total—starting in 2027 and continuing until the transaction closes. Paramount also agreed to cover a $2.8 billion breakup fee that Warner Bros would owe Netflix if it exits the current deal.
Despite these changes, Paramount did not raise its $30-per-share offer. The proposal values the deal at about $108.4 billion, including debt.
Both Netflix and Paramount are seeking Warner Bros for its major film and television studios, deep content library, and high-profile franchises such as Game of Thrones, Harry Potter, and DC Comics characters including Batman and Superman.
Activist investor Ancora Holdings, which holds nearly $200 million worth of Warner Bros shares, said last week it plans to oppose the Netflix deal. Ancora argued that the board did not engage enough with Paramount’s rival bid, which would include cable assets such as CNN and TNT.
