The corporate tug-of-war over Warner Bros. Discovery is heating up.
Paramount has officially submitted a revised offer in its hostile attempt to acquire WBD, aiming to counter Netflix’s existing agreement with the media giant. While the per-share price remains unchanged, the new proposal adds financial incentives designed to make the deal more attractive to shareholders — and raise the stakes in an already intense bidding war.
What Paramount Is Offering
Paramount’s amended bid keeps its original $30-per-share valuation intact but introduces a new $0.25-per-share “ticking fee.” This fee would accumulate for each quarter the deal remains unclosed after December 31 of this year, essentially rewarding shareholders if the transaction drags on.
In addition, Paramount is taking a bold step by offering to cover Netflix’s $2.8 billion termination fee should Warner Bros. Discovery walk away from its current agreement with the streaming giant.
For context, Netflix would face a massive $5.8 billion obligation if it were to back out of the deal on its own.
Paramount also claims it can address some of WBD’s financial concerns, including approximately $1.5 billion in fees tied to debt refinancing. According to the company, it has potential “solutions” in place to ease those burdens — another attempt to sway shareholders.
Where Things Stand with Netflix
Warner Bros. Discovery has responded cautiously, stating it will review Paramount’s revised proposal. However, the company is not changing its recommendation that shareholders approve Netflix’s offer.
Netflix recently adjusted its bid into a fully cash-based offer at $27.75 per share. Previously, the proposal included a combination of cash and stock options at the same valuation. The move to an all-cash deal was seen as a strategic play to strengthen Netflix’s position and reduce uncertainty.
Paramount, meanwhile, is urging shareholders to reject not only the Netflix agreement but also WBD’s planned spinoff of Discovery.
The AEW Factor
For wrestling fans, this isn’t just boardroom drama.
AEW’s future broadcast landscape is directly tied to Warner Bros. Discovery. According to recent filings, AEW would remain aligned with Discovery under the proposed spinoff structure, now referred to as Global Linear Networks. At the same time, AEW’s weekly programming and pay-per-view events are expected to continue streaming on HBO Max.
While none of the proposed corporate changes appear to immediately disrupt AEW’s current television and streaming setup, large-scale media mergers often bring long-term shifts in strategy, branding, and distribution priorities.
If Netflix ultimately acquires WBD, that could create intriguing possibilities regarding streaming integration and international reach. On the other hand, a successful Paramount takeover would reshape the media landscape in a completely different direction.
For now, AEW appears stable in its current arrangements — but the larger media chess match is far from over.
As this high-stakes battle between Paramount and Netflix unfolds, the ripple effects could extend well beyond Hollywood — and into the weekly world of professional wrestling.
