Warner Bros. Discovery will restart talks with Paramount — potentially setting up a bidding war with Netflix
NY Post
Warner Bros. Discovery announced Tuesday it will restart talks with Paramount Skydance following the media giant’s revised offer – potentially heating up a bidding war with Netflix once again.
Paramount last week sweetened its $30 per share all-cash offer with an agreement to pay the $2.8 billion termination fee to Netflix, as well as a “ticking fee” for WBD shareholders worth $650 million.
WBD said Tuesday that a Paramount representative implied the company was also willing to up its offer to $31 a share if Warner engaged in meaningful deal talks – after previously accusing the company of not giving PSKY a fair chance against Netflix.
In a statement Tuesday, Netflix said it has granted WBD a seven-day waiver to allow them to engage with Paramount Skydance.
“This does not change the fact that we have the only signed, board-recommended agreement with WBD, and ours is the only certain path to delivering value to WBD’s stockholders,” Netflix added.
In December, Netflix agreed to pay $27.75 a share in cash in a deal worth $72 billion to acquire WBD’s studio and streaming business – potentially creating a Hollywood mammoth that owns everything from “Stranger Things” to the “Harry Potter” franchise.
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