Instagram/Rob Bonta & Laura Friedma TV Paramount's $31/share bid for Warner Bros. Discovery faces a "vigorous" regulatory review. California AG warns the merger is "not a done deal. March 11, 2026 AceShowbiz - Paramount recently secured a significant milestone by submitting a $31 per share offer for Warner Bros. Discovery (WBD), which was labeled a "superior proposal," leading Netflix to withdraw from the bidding competition. However, the deal between Paramount and WBD remains far from finalized, as California Attorney General Rob Bonta emphasized the transaction is "not a done deal.