The battle for Warner Bros. Discovery (WBD) intensified Tuesday, as Paramount Skydance submitted a revised acquisition offer, prompting a review by the WBD board. However, despite the increased bid, WBD reaffirmed its commitment to the previously announced merger with Netflix, setting the stage for a potentially dramatic showdown between the entertainment giants.
The initial Netflix deal, unveiled in December, would see the streaming service acquire WBD’s studio and streaming assets for approximately $82 billion. This agreement included a plan for WBD to spin off its global TV networks, largely comprising channels like TBS and TNT, as a separate entity. Paramount Skydance’s counteroffer, seeking to acquire the entirety of WBD, challenged that arrangement, arguing it presented a more favorable outcome for shareholders.
According to a statement released by WBD, the board is currently evaluating the revised Paramount Skydance proposal in consultation with financial and legal advisors. Shareholders have been informed that they will receive an update following the board’s review. Crucially, WBD emphasized that the Netflix merger agreement remains in effect and that the board continues to recommend the Netflix transaction. Shareholders were specifically advised against taking any action regarding the amended Paramount Skydance tender offer at this time.
The unfolding situation has significant implications for the professional wrestling landscape. WBD is the parent company of AEW, airing the promotion’s flagship programs on TBS and TNT. Meanwhile, Netflix is the exclusive streaming home of WWE content. The potential for either Paramount Skydance or Netflix to fully acquire WBD raises questions about the future of AEW’s broadcasting arrangements and its relationship with its direct competitor.
Under the current Netflix agreement, the streaming service would continue to operate MAX, its existing streaming platform. The agreement explicitly states that WWE programming on Netflix will remain separate from AEW programming on WBD’s linear channels. However, the long-term impact on AEW’s visibility and reach, should WBD be fully integrated into either the Paramount Skydance or Netflix ecosystems, remains uncertain. The agreement does not explicitly address how a change in ownership at WBD would affect AEW’s presence on MAX, leaving that aspect open to negotiation and potential restructuring.
Paramount Skydance’s pursuit of WBD comes after an earlier $30 per share bid was rejected by the WBD board in December 2025, which the board deemed “inferior” to the Netflix offer. The company has continued to press its case directly to WBD shareholders, indicating a willingness to escalate the bidding war. The current revised offer, while not publicly disclosed in specific terms, is understood to be higher than the previous attempt, prompting the board to initiate a formal review process.
The dynamics of this acquisition battle are further complicated by concerns about industry consolidation and its potential impact on competition. WBD itself has argued that Paramount Skydance’s proposed $9 billion in merger cost synergies could ultimately “make Hollywood weaker, not stronger.” This suggests a belief that a more fragmented media landscape fosters greater creativity and innovation, while a concentrated one could lead to reduced investment in content and fewer opportunities for independent productions like those associated with AEW.
Netflix, having initially secured an agreement with WBD, now faces a four-day window to potentially improve its bid if the WBD board ultimately deems the Paramount Skydance offer superior. This creates a high-stakes scenario where Netflix must weigh the strategic value of acquiring WBD against the financial implications of engaging in a bidding war. The outcome will not only determine the future of WBD but also shape the competitive landscape of the streaming and entertainment industries for years to come.
For AEW, the situation presents a period of uncertainty. While the current agreement with WBD provides a stable platform for its programming, a change in ownership could lead to renegotiations, altered broadcast schedules, or even a shift in strategic priorities. The wrestling promotion will be closely monitoring the developments, hoping for an outcome that preserves its visibility and allows it to continue building its brand and fanbase.
The next few days will be critical as the WBD board deliberates and Netflix assesses its options. The outcome of this acquisition battle will have far-reaching consequences, not only for the media conglomerates involved but also for the future of professional wrestling and the broader entertainment industry.
