Things are heating up in the media space. $WBD officially turned down a revised takeover proposal from $PARA, saying the offer still doesn’t properly value the business or its long-term upside. Warner Bros. is basically signaling they’re not desperate and won’t sell cheap, especially with streaming, IP libraries, and cost cuts finally stabilizing the company. For $PARA, this is getting tricky. They’re already under pressure to simplify the business, deal with debt, and prove streaming can actually scale profitably. If they really want this deal, they’re probably going to have to sweeten the offer and do it fast. The window to negotiate isn’t wide, and markets hate uncertainty. Zooming out, this shows how brutal the media landscape still is. Traditional TV is shrinking, streaming is expensive, and only companies with scale, strong franchises, and tight cost control are going to survive long term. Consolidation feels inevitable, but boards are clearly pushing back unless the price makes sense. Bottom line, either $PARA comes back with a stronger bid, or $WBD keeps riding solo and betting that its assets are worth more than what’s on the table today. Either way, this sector isn’t done making headlines.