James Faris headshot

Warner Bros. Discovery says it thinks Paramount’s new bid could be superior to Netflix’s offer

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After 10 tries, David Ellison’s Paramount Skydance has finally made a proposal that Warner Bros. Discovery’s board is excited about.

Paramount is prepared to pay $31 per share for all of WBD, including its TV networks like CNN and TruTV, up from $30 per share in its previous public offers, WBD told shareholders on Tuesday afternoon.

WBD’s board said Paramount’s offer “could reasonably be expected” to lead to a superior proposal to Netflix’s. However, WBD added that its board had “not made a determination” yet as to whether Paramount’s latest bid is actually better.

If WBD’s board determines that Paramount’s bid is better, then Netflix would have four days to submit a sweetened offer, if it wants. Netflix has offered $27.75 per share for WBD’s streaming and studio assets, and doesn’t want its cable channels. While Netflix could stand pat, doing so could put its dream of buying HBO at risk.

WBD hadn’t been impressed with Paramount’s prior offers, raising issues about everything from its equity backstop to its initial hesitation to cover costs like a breakup fee to Netflix. Paramount patched up those perceived holes by putting a guarantee from billionaire Larry Ellison, the father of Paramount’s CEO, and agreeing to reimburse WBD’s payout to Netflix if the board switched deals.

Paramount’s new offer also includes a so-called “ticking fee,” which will pay WBD shareholders $0.25 per share for each quarter that Paramount’s deal for WBD doesn’t close, starting on September 30. Previously, the ticking fee was slated to start in January 2027.

Paramount has long believed its offers for WBD were better than Netflix’s, reasoning that WBD’s cable channels don’t have much value after accounting for how much debt they’re expected to carry.

Netflix has sold its deal for WBD’s studio and HBO assets as simpler and better for Hollywood. The streaming juggernaut argued that it would “protect and create jobs in America” compared to Paramount, which has promised investors $6 billion in savings if it buys WBD. Netflix has said its deal could create $2 billion to $3 billion in synergies.

WBD warned last week that an employee exodus was possible if it took Paramount’s offer, since staffers could fear mass job cuts.

Another pivotal factor in the fight for Warner Bros. is the regulatory process, both in the US and abroad.

President Donald Trump has sent mixed signals about Netflix’s planned acquisition of Warner Bros., saying that its market share “could be a problem” before pledging to stay out of the process and leaving the antitrust decision up to the US Department of Justice.

A White House spokesperson told Business Insider last week that the president “has great relationships with all parties in this potential transaction and remains neutral in this process with no preference for either bidder.”

Days later, Trump said Netflix should take Susan Rice off its board “or pay the consequences.” Rice, a White House official under Obama and Biden, had gone on a podcast and criticized Trump and the corporations that she believes “take a knee” to him. Netflix co-CEO Ted Sarandos downplayed Trump’s complaint, saying that the company’s Warner Bros. bid is “not a political deal.”

If Netflix decides to increase its offer, WBD shareholders will be in a win-win situation.




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Katie Notopoulos

Meta is considering bringing facial recognition to Ray-Bans. It thinks we’re too distracted to notice.

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Since Meta’s Ray-Ban Smart Glasses launched in 2021, there’s always been a lingering, controversial question about whether they could be used for facial recognition.

The question has surfaced again more recently, according to a New York Times report on Friday. And this time, the story says, there’s a reason the company thinks it could add facial recognition without kicking up too much of a fuss: because we’re all busy worried about so many other things going on in the world.

It’s not clear whether Meta will follow through on the plans. “While we frequently hear about the interest in this type of feature — and some products already exist in the market — we’re still thinking through options and will take a thoughtful approach if and before we roll anything out,” Erin Logan, a Meta spokesperson, told Business Insider in a statement.

Since their launch, the Meta Ray-Ban glasses have been a surprise hit, with Ray-Ban owner EssilorLuxottica saying it tripled sales in 2025 and is struggling to keep up with demand.

In 2024, some Harvard students rigged Meta Ray-Bans to perform facial recognition by sending camera photos to a third-party service for scanning. At the time, Meta was adamant that people understand the glasses themselves weren’t performing facial recognition, and that this wasn’t a capability of the device itself. Which was true, but a truth somewhat orthogonal to the public horror about the idea of people using facial recognition glasses in public.

Thus far, legal and privacy issues surrounding facial recognition, not technical limitations, have kept the feature at bay. So what’s changed?

The New York Times viewed a document that gives us a clue:

Meta’s internal memo said the political tumult in the United States was good timing for the feature’s release.
“We will launch during a dynamic political environment where many civil society groups that we would expect to attack us would have their resources focused on other concerns,” according to the document from Meta’s Reality Labs, which works on hardware including smart glasses.

This is straight out of the playbook for a celebrity announcing their divorce during the Super Bowl to minimize attention. Basically, at least one person at Meta was apparently considering the fact that — waves hands — so many other horrors are going on in the world that people will be too distracted to focus on this.

And what, exactly, might this unnamed Meta person be assuming are the “other concerns” keeping civil society groups’ resources focused? I have some ideas:

Frankly, any of these is a big enough distraction to keep me from complaining about facial-recognition glasses!




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