Paramount Is Expected to Raise Price of Warner Bros. Discovery Bid. Will Netflix Walk Away?

David Ellison's Paramount Skydance has until Monday to submit its final and best offer for Warner Bros. Discovery. It is expected that Paramount will increase its previous $30 per share offer for WBD, aiming to outbid Netflix and win the deal.

With Netflix's approval, the WBD board has started a seven-day conversation period to talk about better offers.

 This talk period ends at 11:59 PM ET on February 23, following efforts from both companies over the weekend.

Paramount has not commented on its next move.

 Sources say it is likely to offer around $32 per share for WBD.

What will Netflix do?

 After Paramount submits its new proposal, Netflix has four days to either match the offer or leave the deal.

Netflix co-CEO Ted Sarandos, in an interview with Variety's Cynthia Littleton on Friday, did not say how Netflix would respond to a better offer from Paramount.

 He mentioned that Netflix has a history of walking away if someone else pays more.

"In the next step, it's up to someone else.

 We have a signed deal with Warner Bros. Discovery," Sarandos said in the February 20 interview. "If someone wants to make a better deal, which the WBD board says hasn't happened yet, then we will see what happens later. But let's not get ahead of the process. I wouldn't comment on the bidding strategy anyway. But the core of it is, we are super disciplined buyers, as you probably know we have a reputation for that, so I'm willing to walk away and let someone else overpay for things. We have a rich history of that."

If WBD accepts Paramount Skydance's higher offer, WBD will have to pay a $2.8 billion fee to Netflix.

 In its latest offer, Paramount has said it will cover that fee.

On February 17, WBD said it was having discussions with Paramount to get clarity on its "best and final offer."

 WBD wanted Paramount Skydance to explain its proposal, which they believe will have a per share price higher than $31.

In a letter sent to Paramount's board, WBD's CEO David Zaslav and board chairman Samuel Di Piazza Jr. wrote that they wanted clarification on the offer.

 They mentioned communication from a "senior representative for PSKY" to a WBD board member, who said that if the WBD board approved M&A talks, Paramount would agree to pay $31 per share and that this was not their final offer. WBD also set March 20 for a shareholder meeting to vote on the Netflix deal, which the board recommended at the time.

"The question now is how high PSKY is willing to go—and whether Netflix will use its matching rights and raise its own offer," wrote MoffettNathanson analyst Robert Fishman in a February 20 research note.

 "In short, we expect PSKY to go to at least $32 per share to pressure Netflix to increase its bid likely to the $30 per share range. If PSKY truly wants to win the bidding war with Netflix, we think it will take a bid in the range of $34 per share to avoid ongoing debate over the value of Discovery's Global Networks."

Under Netflix's current agreement with WBD, Netflix would buy Warner Bros.' studios and streaming businesses for $27.75 per share.

 WBD shareholders would keep equity in Discovery Global, the proposed spin-off that includes CNN, TBS, and other linear networks.

If Netflix raises its offer above $30 per share, "we have difficulty making the accretion math work," Fishman wrote.

 This factors in added debt, "likely revenue cannibalization and necessary programming spend cuts."

"While we see the long-term benefits of owning Warner Bros., HBO, and HBO Max, we expect Netflix to walk away from the deal following a disciplined approach if PSKY pushes its bid well beyond $32 per share," the MoffettNathanson analyst continued.

 "We think it will be difficult for PSKY to win the bidding war for WBD if it decides to take a less aggressive approach during this waiver period, giving Netflix the opportunity to match at a more modest increase from its current bid."

Meanwhile, Donald Trump, who earlier this month said he wouldn't be involved in reviewing the Netflix-WB deal, demanded on social media that Netflix "immediately fire" board member Susan Rice or else "pay the consequences."

 Trump cited a tweet by far-right commentator Laura Loomer, who claimed Rice, who served as U.N. ambassador under Obama, was "threatening half of the country with weaponized government political retribution." Loomer also weirdly claimed that if Netflix acquired Warner Bros., "positive messaging of the Democrats' upcoming witch hunts against Trump from Barack Hussein Obama and his anti-White racist wife Michelle would likely be blasted across all streaming services."

On Monday, Sarandos talked about Trump's comments. He said, "He likes to do a lot of things on social media," during a BBC Radio 4 interview. "This is a business deal. It's not a political deal. This deal is handled by the Department of Justice in the U.S. and regulators in Europe and around the world," he explained.

In recent weeks, the Justice Department has broadened its look into the proposed Netflix-WB deal to check if the combined company would break antitrust rules in the entertainment programming market.

 The DOJ's Antitrust Division has sent questions to independent studios, asking if the Netflix buy of Warner Bros. "may substantially lessen competition or tend to create a monopoly in violation of Section 7 of the Clayton Act or Section 2 of the Sherman Act," according to a copy of one of the letters reviewed by Variety.

Netflix claims it doesn't have near-monopoly power in any market.

 In a statement to Bloomberg about the expanded DOJ investigation, chief legal counsel David Hyman said, "Netflix operates in an extremely competitive market. Any claim that it is a monopolist, or trying to monopolize, is not true. We don't have monopoly power or engage in exclusionary behavior, and we'll happily work with regulators on any concerns they may have."

On Friday, Paramount announced that its proposed WBD takeover had passed a key step at the DOJ, after the end of the statutory waiting period following Paramount Skydance's "certification of compliance" with the Justice Department's second request for information under the Hart-Scott-Rodino antitrust act.

 Netflix's Hyman criticized Paramount for continuing to "mislead stockholders and distract from the facts," saying that "routine HSR milestones do not mean DOJ approval or that any decision has been made."

Winona Ryder Reunites With Tim Burton for ‘Wednesday’ Season 3 Guest Role

Winona Ryder is set to return to work with Tim Burton in "Wednesday" Season 3. She will play a guest character in the upcoming third season of the Netflix show. This will also be a chance for her to team up again with Jenna Ortega, who plays Wednesday Addams in the series. So far, there's no information about what Winona's character will be like.

She's joining other guest stars already announced, like Eva Green, who will play Ophelia, the sister of Morticia Addams, played by Catherine Zeta-Jones.

This role will be Winona's first since "Stranger Things" ended its fifth and final season.

 The final two-hour episode aired on New Year's Eve.

Ryan Coogler’s ‘X-Files’ Reboot Gets Hulu Pilot Order With Danielle Deadwyler Starring; Jennifer Yale Joins As Showrunner

The search for the truth is back in action. Ryan Coogler's long-awaited X-Files reboot has been given the green light for a pilot at Hulu. Danielle Deadwyler, known for her role in The Piano Lesson, is set to star as one of the main characters in the project, which is produced by Onyx Collective and 20th Television. Jennifer Yale, who worked on The Copenhagen Test, has been named the showrunner, according to Deadline.

Coogler, who directed the film Sinners, is also writing and directing the pilot.

 The story follows two highly respected but very different FBI agents – one played by Deadwyler – who are paired together to investigate a long-closed unit that deals with unexplainable events.

Yale is producing the show along with The X-Files creator Chris Carter, as well as Coogler, Sev Ohanian, and Zinzi Coogler from Proximity Media.

 Simone Harris from Proximity Media is also a co-executive producer. Francine Maisler, the casting director for Sinners, is handling the casting for the pilot.

This pilot order marks the end of a three-year process for the project.

 It's part of Coogler's five-year deal with Disney, which owns Hulu, 20th Television, and Onyx.

Carter first mentioned the project during a 2023 podcast, where he said Coogler was planning to reboot The X-Files with a diverse cast, but added that it would be a big challenge since the original series covered a lot of ground.

Coogler confirmed his involvement during a podcast in April.

 He said he was excited about the project and hoped it would be scary and satisfying for both old and new fans. He also mentioned that he had spoken with Gillian Anderson, who was part of the original X-Files, about the reboot. The project took time to come together as Coogler was busy with other projects like Sinners and Disney+’s Ironheart.

After finishing Sinners, Coogler made The X-Files a priority, which helped the project gain momentum and led to Yale joining as showrunner.

 Hulu has been focusing more on pilot development in recent years, even for its big titles. The streamer is also moving forward with a pilot for a Buffy the Vampire Slayer reboot, directed by Chloé Zhao.

The original X-Files had Gillian Anderson and David Duchovny as FBI agents Dana Scully and Fox Mulder, investigating cases with supernatural elements.

 The show started on Fox in 1993 and ran for nine seasons. It had two movies and a 2016 revival on Fox.

Coogler's latest film, Sinners, won many awards at the BAFTA Film Awards, making it the most decorated film by a Black director.

 It won three awards, including Best Original Screenplay. The movie has made over $365 million worldwide. Coogler runs Proximity Media with Zinzi Coogler and Sev Ohanian. He is represented by WME, M88, and Cohen and Gardner.

Deadwyler is set to appear in the upcoming HBO comedy series Rooster with Steve Carell, Charly Clive, and Phil Dunster.

 She is also in Season 3 of Euphoria and The Saviors, a dark comedy thriller directed by Kevin Hamedani. She is an executive producer on The Woman in the Yard, directed by Jaume Collet-Serra. She is represented by Paradigm, Play Management, and Ziffren Brittenham.

Yale recently executive produced and co-showran The Copenhagen Test for Peacock with Simu Liu and Atomic Monster.

 She also wrote for Apple TV’s Your Friends and Neighbors and worked on Apple’s See and Netflix’s Chambers. She is represented by Brillstein Entertainment Partners, CAA, and Hansen Jacobson.

Carter is represented by CAA and Gang, Tyre, Ramer, Brown & Passman, Inc.

Wolfram’ Review: Warwick Thornton Deftly Reframes Painful Indigenous Australian Experience Through the Lens of Classic Western Archetypes

Warwick Thornton, who began his career as a cinematographer, has a deep connection to the Central Australian desert and the rugged MacDonnell Ranges. His films have an epic yet personal feel, shaped by the landscape around Alice Springs, where he grew up. This connection gives his movies a soulful beauty. "Wolfram" is no different. It's a four-part story about escaping, being chased, and surviving, and while it's brutal, it's more about enduring than about sadness for stolen land and stolen children.

This film is a sequel to Thornton's 2017 movie "Sweet Country," and it's again written by Steven McGregor and David Tranter.

 It takes place a few years later in the same fictional Northern Territory town of Henry, though most of the main characters are new. The two films feel like parts of a bigger story, with some shared elements and separate paths.

The main character is Pansy, played by Deborah Mailman.

 She's shown holding her newborn and cutting off her hair with a rusty knife. Pansy and her new partner, Zhang, travel by horse and cart to Queensland in search of her lost children. She marks her path by tying strands of hair with seeds and hanging them on shrubs, like a trail of breadcrumbs.

Meanwhile, two Indigenous children, Max and Kid, work in a mine shaft, removing chunks of ore used to make tungsten.

 Their boss is a mean man named Billy. At the same time, a couple of criminals, Casey and Frank, arrive in town, looking to find gold. They ignore the advice of a local storekeeper to avoid the backcountry where they might meet Indigenous people. When they find Max alone, they steal him and take him with them.

When Kid finds out his brother is missing, he steals a donkey from the mine and chases after him, helped by a snake bite that slows Casey and Frank down.

 Far away on a run-down cattle station, a man named Kennedy uses his son Philomac as a slave. Philomac is a character carried over from "Sweet Country."

Casey and Frank take over the station, claiming they found Max alone.

 Kennedy listens to them and lets them mistreat Philomac, who suspects they're not who they seem. Casey and Frank become more ruthless, treating Indigenous people like animals. Their cruel actions towards a thief named Archie shock Philomac and lead to a chase sequence with violent scenes.

The story draws from oral history passed down to Tranter by his great-grandfather.

 Tranter's Indigenous and Chinese heritage is important to the story. The plot sometimes feels a bit loose, and the twists aren't always surprising. However, the film is still engaging because of the strong cast.

Deborah Mailman gives a touching performance as Pansy, showing strength and grace.

 Pedrea Jackson stands out as Philomac, showing his anger and longing to be with his people. Shand's Casey is chilling, treating Indigenous people with contempt. The young actors who play Max and Kid are also excellent. Two Chinese gold miners later join the story, showing solidarity among people who have been mistreated. Their presence brings a powerful ending to the film.

Thornton also acts as the director of photography, using the rich colors of the landscape to create a vivid look.

 The film doesn't have an original score, but it uses Charlie Barker's saw playing to create a unique atmosphere. While it doesn't surpass his debut film "Samson & Delilah," "Wolfram" is a solid film in Thornton's career, showing a return to form after his more uneven recent work, "The New Boy."

Donald Trump Demands Netflix ‘Immediately Fire’ Board Member Susan Rice or ‘Pay the Consequences’: ‘She’s Got No Talent or Skills

Donald Trump posted on Truth Social on Saturday, asking Netflix to "immediately" fire Susan Rice, a former UN ambassador and board member, or "pay the consequences." His comments come as Netflix is trying to complete a deal to buy Warner Bros. Discovery's studios and streaming services for $83 billion.

Trump wrote, "Netflix should fire racist, Trump Deranged Susan Rice, IMMEDIATELY, or pay the consequences.

 She's got no talent or skills — purely a political hack! HER POWER IS GONE, AND WILL NEVER BE BACK. How much is she being paid, and for what???" He also thanked his followers for paying attention. President DJT.

Netflix did not immediately respond to Variety's request for comment.

Trump's anger is because of Rice's comments on Preet Bharara's podcast.

 During the interview, Rice said that if Democrats win the midterms, she expects an "accountability agenda" for companies that avoided rules under Trump's administration.

Rice said, "If these corporations think that the Democrats, when they come back in power, are going to, you know, play by the old rules, and, you know, say, 'Oh, never mind.

 We'll forgive you for all the people you fired, all the policies and principles you've violated, all, you know, the laws you've skirted.' I think they've got another thing coming."

In his Truth Social post, Trump shared a link to a post from far-right activist Laura Loomer, who wrote that Rice is "threatening half of the country with weaponized government political retribution.

" Loomer also predicted that if Netflix buys Warner Bros., "positive messaging of the Democrats' upcoming witch hunts against Trump from Barack Hussein Obama and his anti-White racist wife Michelle would likely be blasted across all streaming services."

Loomer added, "The Netflix-Warner Bros. merger would result in a streaming monopoly, which the Obamas will have a significant stake in.

 President Trump must kill the Netflix-Warner Bros. merger now."

In early February, Trump told NBC that he thought he "shouldn't be involved" with the Netflix-Warner Bros. deal, but he seems to have changed his mind.

Netflix has an agreement to buy Warner Bros. studios and HBO Max in a $83 billion deal.

 On Feb. 17, WBD opened a seven-day period for Paramount Skydance, which has been trying to take over, to make a final offer. On March 20, Warner Bros. Discovery shareholders will vote on the Netflix acquisition.

Adrien Brody, Mikey Madison, Zoe Saldaña and Kieran Culkin Set as First Presenters for 98th Oscars

Last year's Oscar acting winners — Adrien Brody, Kieran Culkin, Mikey Madison, and Zoe Saldaña — will be back at the 98th Academy Awards to present trophies to this year's winners.

Raj Kapoor, the show's executive producer and showrunner, and Katy Mullan, an executive producer, announced the four as the first official presenters for the upcoming ceremony.

Brody won his second best actor Oscar, after "The Pianist" in 2002, for his role as an architect and Holocaust survivor in "The Brutalist."

 Madison won best actress for playing the main character, a stripper, in the dramedy "Anora." Culkin and Saldaña both won supporting actor and actress awards last year. Culkin won for his role as a snarky cousin on a Jewish heritage tour in "A Real Pain," and Saldaña won for her role as a struggling attorney in the Spanish-language musical "Emilia Pérez."

The Academy has always kept things traditional by bringing back the previous year’s acting winners to present the awards.

 In some years, the show swaps presenters' genders, with the previous male winners presenting the current year’s female awards and vice versa. Other years have used the "fab five" format, where five past winners from a category take the stage to honor the nominees. So far, the Academy and the production team haven't said which categories Brody, Culkin, Madison, and Saldaña will present.

This year's Oscar nominations are led by "Sinners," a bold and bloody vampire saga directed by Ryan Coogler that received a record 16 nominations.

 Paul Thomas Anderson's political action film "One Battle After Another" came in second with 13 nominations. Both films are in the best picture category along with "Bugonia," "F1," "Frankenstein," "Hamnet," "Marty Supreme," "The Secret Agent," "Sentimental Value," and "Train Dreams."

As the awards season approaches its end, the next big hints about what might win will come from the 79th BAFTA Awards this Sunday, followed by the Producers Guild of America Awards on February 28 and the Actor Awards (formerly SAG Awards) on March 1.

Oscar voting is open from February 26 through March 5.

 Conan O'Brien will host the telecast, which will be live on March 15 at 7 p.m. ET/4 p.m. PT from the Dolby Theatre at Ovation Hollywood. The ceremony will be broadcast on ABC and streamed live on Hulu. It will air in more than 200 countries around the world.

Eric Dane, ‘Grey’s Anatomy’ and ‘Euphoria’ Star, Dies at 53

Eric Dane, best known for playing Dr. Mark Sloan, also called "McSteamy," on "Grey's Anatomy," and for his complex role as Cal Jacobs on "Euphoria," passed away on February 19. His family shared this news with People Magazine. He was 53 years old.

Eric was diagnosed with amyotrophic lateral sclerosis, or ALS, in 2025.

In a statement, his family said, "With heavy hearts, we share that Eric Dane passed on Thursday afternoon after a brave fight with ALS.

 He spent his last days surrounded by close friends, his loving wife, and his two beautiful daughters, Billie and Georgia, who were the center of his world. Throughout his journey with ALS, Eric became a strong supporter for awareness and research, determined to help others facing the same challenge. He will be greatly missed and lovingly remembered forever. Eric loved his fans and is forever thankful for the love and support he received. The family has asked for privacy as they go through this difficult time."

Eric was born in San Francisco in 1972.

 He grew up in the Bay Area, going to Sequoia High School in Redwood City and San Mateo High School in San Mateo. After graduating from San Mateo High, he moved to Los Angeles to try acting. In the 90s, he had small roles on TV shows like "Saved by the Bell," "The Wonder Years," "Roseanne," and "Married... with Children." He later got a recurring role as Dr. Wyatt Cooper on "Gideon's Crossing" in 2000. That same year, he made his film debut in "The Basket."

He appeared in several movies in the early 2000s, including "Zoe," "Duncan," "Jack & Jane," "Sol Goode," "Feast," "X-Men: The Last Stand," and "Marley & Me."

 He also starred in "Open Water 2" and played Jason Dean for two seasons on "Charmed" on The WB.

In 2005, he made his first guest appearance as Dr. Mark Sloan on a Season 2 episode of "Grey's Anatomy."

 His character was so popular that he became a regular in the next season and stayed until he was written out in Season 8. Even after that, he appeared in two Season 9 episodes and made a comeback in Season 17 with the episode "Breathe."

ABC and 20th Television, the companies behind "Grey's Anatomy," released a statement: "We are deeply saddened by the loss of Eric Dane.

 His amazing talent and unforgettable presence on 'Grey's Anatomy' had a lasting effect on fans worldwide. His courage and grace during his battle with ALS inspired many. Our hearts are with his family, friends, colleagues, and the fans whose lives he touched."

Throughout the 2010s, he was in the A&E movie "Wedding Wars" and the romantic comedy "Valentine's Day.

" He was a main cast member on the TNT series "The Last Ship," which ran from 2014 to 2019.

In 2019, he started playing Cal Jacobs, the secretly bisexual father of Nate Jacobs (played by Jacob Elordi), on HBO's "Euphoria."

 He appeared in 12 episodes across the first two seasons and came back for the third season, which will start in April.

His last performances were in the films "Borderline," "Into the Beautiful," and "Family Secrets," and the TV shows "Wireless," "Countdown," and "Kabul."

After making his ALS diagnosis public, Eric became an advocate for others with the disease, working with I Am ALS on laws and fundraising.

In an interview with the Washington Post, he said, "I have always been open about certain parts of my life.

 This is something I felt like I needed to share with people. I don't really care what people think about me when it comes to this. It's more about, 'How can I help? How can I be useful?'"

He added, "Not to be too dramatic, but if I'm going out, I want to go out helping someone.

"

He is survived by his two daughters.