Warner Bros. Discovery says new Paramount bid could best Netflix offer
NBC News
Warner Bros. Discovery said Paramount Skydance's new bid for the entire company "could reasonably be" superior to Netflix's deal.
Warner Bros. Discovery said Tuesday that Paramount Skydance’s revised bid for the entire company, including its cable networks, could be preferable to Netflix’s deal for its studio and streaming business.
The updated offer raises the purchase price to $31 a share from $30 — a deal that would value Warner Bros. Discovery at roughly $77 billion. The proposal also includes a $7 billion reverse termination fee if regulators block the deal, along with reimbursement for Warner Bros. Discovery's potential cost to cancel its deal with Netflix.
The board of directors at Warner Bros. Discovery said in a news release that it has not made a final decision as to which offer is better. Netflix would have four business days to submit another offer if the board decides to go with Paramount's bid.
The statement hinted that WBD may try to get Paramount to increase its bid still, saying that it would "engage further" with the CBS owner.
"The Netflix Merger Agreement remains in effect, and the Board continues to recommend in favor of the Netflix transaction and is not withdrawing or modifying its recommendation," WBD said.
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