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Bond Market News
Paramount Submits a Higher Bid for WBD – Sources
February 24, 2026
Paramount Skydance has submitted a higher bid for Warner Bros. Discovery (WBD), according to sources. Paramount’s revised proposal improves upon its earlier $108.4bn ($30/share) offer and aims to address WBD’s concerns over financing certainty, the source noted. However, the exact details regarding the improved bid were not revealed. Paramount was asked by WBD to present its “best and final offer” after its prior enhanced proposal was rejected. Netflix remains WBD’s chosen suitor, offering $27.75/share (about $82.7bn) in cash and retains the right to match Paramount’s latest bid. Backed by Larry Ellison and Oracle-linked financing, Paramount argues it offers a clearer regulatory path, while Netflix has significant cash resources and could raise its offer. Analysts believe a bid near $34/share might end the contest. A key issue highlighted was WBD’s planned spinoff of cable assets into a new entity, Discovery Global. Netflix believes that shareholders would benefit from the added upside, whereas Paramount considers the spinoff effectively worthless. Shareholders are scheduled to vote on Netflix’s offer on March 20. Even if approved, the transaction will face heavy antitrust scrutiny in the US and Europe over potential effects on competition and consumer choice.
Paramount’s bonds traded stable with its 5.9% 2040s at 85.3, yielding 7.57%. WBD’s 4.279% 2032s also traded stable at 90.7, yielding 6.14%.
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