Let’s be honest. This feels less like a peace offering and more like a cautious truce.Paramount Skydance says it’s “prepared to engage” with Warner Bros. Discovery on takeover talks. That’s a notable shift. But here’s the catch: Paramount hasn’t clearly said it will raise its $30-per-share hostile bid. At least not yet. Instead, it’s stepping into a tight, seven-day negotiation window opened by WBD and seeing how far things go.

Talking and fighting at the same time

Here’s the deal. Paramount is willing to sit down and talk — but it’s not backing off its pressure campaign.In its statement, the company said it would negotiate “in good faith,” while still pushing ahead with its tender offer, continuing to oppose the Netflix merger, and moving forward with plans to nominate its own slate of directors at WBD’s next annual meeting. So yes, discussions may start. But this is hardly a reset. It’s more like talking across the table while keeping one foot firmly planted on the gas.

WBD asks for clarity — and hints at a higher number

Earlier the same day, WBD said it would engage with Paramount to “seek clarity” around what it called a “best and final offer.” That phrasing wasn’t accidental.According to WBD, a senior Paramount Skydance representative indicated that if formal M&A talks were approved, Paramount would be willing to pay $31 per share, and that this wouldn’t necessarily be its final word. That opened the door to speculation — and expectations.In a letter to Paramount’s board, WBD CEO David Zaslav and chairman Samuel Di Piazza Jr. asked Paramount to clarify a proposal they believe could go above $31 per share. That’s about as close as corporate language gets to saying, “If you want this, show us the money.”

Netflix deal still alive — and still backed by the board

Despite opening negotiations with Paramount, WBD isn’t dropping Netflix.The company has set March 20 for a special shareholder meeting to vote on the Netflix merger, and the board continues to unanimously recommend that shareholders approve it. Under that deal, investors would receive between $21.23 and $27.75 per share, depending on final terms.Paramount, of course, keeps pointing out that its $30-per-share, all-cash offer already tops that range.

Paramount doubles down on its “better deal” argument

Paramount continues to argue that its offer is cleaner, higher, and more certain. It’s also reminding shareholders about the added 25-cent-per-share quarterly ticking fee, payable after December 31, 2026, if a Paramount-WBD merger hasn’t closed by then.Think of it like a clock running in the background. The longer it takes, the more shareholders get paid.

A narrow window, and plenty of tension

One last wrinkle. Paramount says WBD chose not to make the usual determination under the Netflix agreement that Paramount’s bid could reasonably lead to a superior proposal. If it had, Paramount would’ve been free to negotiate without a deadline. Instead, it’s seven days. A short runway. High stakes. So now we wait. Will David Ellison go higher than $30?Will WBD stick with Netflix anyway? Right now, it’s a see-saw. And it could tip either way.