Warner Bros. bidding war: Netflix considers all-cash offer as Paramount Skydance sues

Netflix is reported to be weighing an all-cash bid for Warner Bros. Discovery's studio and streaming assets, while Paramount Skydance has filed a lawsuit in Delaware challenging the process; WBD's board currently favors Netflix's cash-and-stock proposal.

Netflix is reported to be considering an all-cash bid for Warner Bros. Discovery's studio and streaming assets. Paramount Skydance has filed a lawsuit in Delaware's Court of Chancery contesting the deal process. WBD's board is reported to favor a cash-and-stock offer from Netflix valued at $82.7 billion. The disagreement has prompted threats of a proxy fight ahead of WBD's 2026 annual meeting. Known developments: - Netflix is exploring an all-cash offer as an alternative to its existing cash-and-stock proposal for WBD's studio and streaming units. - Paramount Skydance filed suit in Delaware alleging improper conduct by WBD's board and seeking more details on rejected offers. - WBD's board is reported to prefer Netflix's $82.7 billion cash-and-stock bid. - Paramount CEO David Ellison has threatened a proxy fight for the 2026 annual meeting and raised the possibility of a shareholder vote to spin off Discovery Global in Q3 2026. Summary: This contest could reshape control of studios and streaming assets and is likely to face regulatory and legal review. A lawsuit in Delaware is pending and Paramount has threatened a proxy fight at WBD's 2026 annual meeting. Undetermined at this time.