Netflix Revamps Offer for Warner Bros. Discovery Assets in Heated Battle with Paramount

Netflix has significantly revamped and improved its earlier proposal to acquire major parts of Warner Bros. Discovery (WBD), intensifying a high-stakes bidding war with Paramount Global for key assets of the media conglomerate, sources familiar with the negotiations confirmed on Thursday, January 16, 2026.

The streaming giant is now offering substantially more cash and strategic concessions than its initial bid submitted late last year, according to people briefed on the matter. The renewed proposal is understood to include a larger upfront payment, more favourable terms on debt assumption, and greater flexibility on content licensing and integration timelines.

Netflix’s renewed interest comes as Warner Bros. Discovery explores options to offload parts of its business including potentially its cable networks (TNT, TBS, CNN), studio operations, or even a full company sale to reduce its massive debt burden and refocus on streaming (Max) and high-margin content.

Competing Bid from Paramount Paramount Global, led by CEO Bob Bakish and backed by Skydance Media, remains the frontrunner in advanced talks to merge with or acquire WBD. Paramount has proposed a complex stock-and-cash transaction that would combine Paramount+ with Max, creating a stronger streaming competitor to Netflix and Disney+.

Netflix’s escalated bid is widely seen as a direct challenge to Paramount’s dominance in negotiations and a sign that the streaming leader is aggressively pursuing scale and content assets in a consolidating media landscape.

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Market Reaction & Analyst Views
WBD shares rose ~4% in after-hours trading on news of Netflix’s improved offer.
Paramount shares were flat-to-down slightly amid fears of a prolonged bidding war.
Media analysts note that Netflix, with its strong balance sheet and cash reserves, is in a position to outbid Paramount if it chooses to go all-in, though antitrust scrutiny and integration risks remain significant hurdles.

Neither Netflix, Warner Bros. Discovery, nor Paramount has issued an official comment on the latest developments.

The outcome of this deal could reshape the global streaming and entertainment industry, potentially creating a new powerhouse or forcing further consolidation among legacy media players.

This is a developing story.

By Ogungbayi Beedee Adeyemi
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