Warner Bros. Discovery isn’t rushing into anything just yet. On Tuesday, the company said its board will review the latest takeover offer from Paramount Skydance before deciding whether to accept or reject it. For now, the existing deal with Netflix stays exactly where it is.

In short, nothing has changed. At least not yet.

A New Offer Lands on the Table

Warner Bros. Discovery confirmed it has received an updated, unsolicited tender offer from Paramount Skydance, the company backed by David Ellison. The proposal aims to acquire all outstanding shares of WBD common stock and includes some new financial commitments designed to sweeten the deal.

But the board isn’t making any promises. Instead, WBD says it will review the revised offer carefully and then share its recommendation with shareholders once that process is complete.

There’s a deadline, though. Paramount is expecting an answer within ten business days.

For Now, the Netflix Deal Stays Put

Here’s the thing. Despite all the noise, WBD made it clear that it’s not changing its stance on the Netflix merger agreement right now. The board reiterated that it still stands by its current recommendation while it reviews Paramount’s revised bid.

The company also had a message for shareholders. Don’t do anything yet. No selling, no tendering, no quick decisions. Just wait until the board finishes its review and gives formal guidance.

Paramount Raises the Stakes

Earlier on Tuesday, Paramount upped the pressure. It kept its $30-per-share hostile offer but added a new twist. Paramount promised to pay WBD shareholders an extra 25 cents per share for every quarter the acquisition isn’t completed after December 31, 2026. That’s roughly $650 million in cash each quarter. Not exactly pocket change.

On top of that, Paramount said it would cover the $2.8 billion termination fee WBD would owe Netflix if shareholders choose Paramount’s offer instead. In other words, Paramount is trying to remove as much financial friction as possible.

How Netflix Got Here in the First Place

To understand why this is such a big moment, you have to rewind a bit. Netflix and Warner Bros. Discovery first announced their deal back on December 5. At the time, it was structured as a mix of cash and stock.

Then things shifted. Last month, as Paramount continued its hostile campaign, Netflix revised the offer and went all-cash, offering $27.75 per share. That pushed the total value of the deal to around $83 billion and made the proposal cleaner and more straightforward.

What’s Not Included in the Netflix Deal

One important detail sometimes gets lost. The Netflix agreement does not include Discovery Global. That’s the part of Warner Bros. Discovery that houses its traditional TV assets, including CNN, TBS, HGTV, and Discovery+. Those businesses would be spun off rather than folded into Netflix.

That distinction matters, especially for investors weighing long-term value and structure.

A High-Stakes Choice Ahead

So now we’re at a crossroads. On one side, there’s a negotiated, all-cash deal with Netflix that’s already in place. On the other, there’s a more aggressive offer from Paramount Skydance, packed with extra cash incentives and a willingness to absorb hefty penalties.

Which path is better? That’s what the WBD board is figuring out right now.

For the moment, Warner Bros. Discovery is playing it by the book. Review the offer. Take the time. And tell shareholders to hold tight.

This battle isn’t over. Not even close.