Warner Bros. Discovery announced that Paramount’s new offer is “superior” to the studio’s original deal with Netflix.

Although Paramount is currently in the lead, Warner Bros. is allowing Netflix to counter their offer within four days. The streamer would have to revise its offer of $82.7 million that Warner Bros. initially agreed to in December 2025.

If Netflix’s counteroffer still isn’t up to par with its competitors’ proposal, Warner Bros. does have the right to throw out its deal with Netflix, despite originally agreeing to it. This new development raised the stakes even higher for the acquisition battle that has only been escalating for the past few months. Check out WBD’s official statement below:

WBD has notified Netflix of its determination that the PSKY proposal constitutes a ‘Company Superior Proposal.’ Under the terms of the Netflix merger agreement, this notice triggers a four business day period during which Netflix has the right to propose revisions to the Netflix merger agreement so that the PSKY proposal would cease to constitute a ‘Company Superior Proposal.’

More to come…