Warner Bros Labels Paramount Bid Superior to Netflix Offer

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.