Larry and David Ellison make last bid to break up Netflix–WBD deal

Larry Ellison and David Ellison have been granted one final opportunity to acquire Warner Bros. Discovery, potentially disrupting its pending sale to Netflix.

WBD announced Tuesday that the Ellisons may submit another bid within the next week. 

However, the proposal must exceed $31 per share and will represent their final formal offer to the board.

The move reopens negotiations that appeared settled in December, when WBD agreed to an $83 billion deal with Netflix. 

The Ellisons — who previously acquired Paramount and have expressed interest in merging it with WBD — had earlier offered $30 per share for the full company, arguing their bid presented greater long-term value.

In a press release, WBD officials said that last week, a “senior representative” for Paramount indicated they would offer $31 per share and potentially more if allowed to proceed.

Despite reopening talks, WBD continues to endorse its agreement with Netflix. If a higher bid materialises, Netflix retains the option to revise its own offer.

Any eventual deal will still require regulatory approval in the US and abroad. Lawmakers have already raised concerns about media consolidation, signaling that either a Netflix or Paramount merger with WBD could face significant scrutiny.