Warner Bros Labels Paramount Bid Superior to Netflix Offer
Warner Bros Discovery declared Paramount's revised bid superior to the Netflix offer. Netflix has four days to respond or exit the bidding war for the studio.
Warner Bros. Discovery, Inc. has officially designated a revised $31-per-share offer from Paramount Skydance Corporation Class B Common Stock as superior to its current agreement with Netflix, Inc.. This declaration initiates a four-day countdown for the streaming leader to either match the bid or withdraw from the competition for the prominent Hollywood studio.
The intensifying bidding war follows a seven-day waiver previously granted to Warner Bros. Discovery to solicit a final offer from Paramount. Netflix had reached an agreement in December to acquire the streaming and studio operations of the company for $27.75 per share. That proposal included a planned spinoff of cable assets into a separately listed entity known as Discovery Global, which Netflix argued would maximize value for shareholders.
