Los angeles: Warner Bros. Discovery (WBD) announced on Tuesday that it has received a revised proposal from Paramount Skydance, which aims to acquire all outstanding shares of WBD's common stock. The company's board is actively reviewing the amended offer in collaboration with financial and legal advisers, following discussions during a designated seven-day limited waiver period.

According to Anadolu Agency, the board of Warner Bros. Discovery is expected to update shareholders once the review process is concluded. Despite the new proposal, Warner Bros. Discovery has reiterated that its existing merger agreement with Netflix remains valid, and the board continues to endorse that particular transaction. Shareholders are advised to refrain from taking any action regarding the amended proposal from Paramount Skydance at this time.

Paramount Skydance had initially presented an all-cash offer of $30 per share on December 8, representing an enterprise value of $108.4 billion to acquire Warner Bros. Discovery. This proposal followed Netflix's previous announcement on December 5, 2025, that it had reached an agreement to acquire Warner Bros. Discovery, including its film and television studios, HBO, and HBO Max, at an equity value of $72 billion and a total enterprise value of $82.7 billion.

On December 17, the Board of Directors of Warner Bros. Discovery advised shareholders to reject Paramount's acquisition proposal and to support the agreement with Netflix. Paramount later revised its offer on December 22, and once again on February 10, incorporating additional elements to strengthen its bid.

Warner Bros. Discovery disclosed on February 17 that Netflix had granted a waiver for certain restrictions under their merger agreement, permitting the company to engage in discussions with Paramount Skydance during a seven-day period ending on February 23 to assess what Paramount described as its best and final offer.