Warner Bros. weighing revised bid from Paramount Skydance as bidding war escalates
NY Post
Warner Bros. Discovery said Tuesday it was considering a new bid from Paramount Skydance without disclosing the value of the deal, as the CBS owner makes a last-ditch effort to thwart Netflix from buying the coveted Hollywood studio.
The latest offer is higher than Paramount’s previous bid of $30 per share in cash, or $78 billion including debt, for the whole of Warner Bros., a source familiar with the matter told Reuters on Monday.
The offer followed a week of talks between the companies to address concerns that prompted the HBO parent to reject previous Paramount bids in favor of Netflix’s $27.75 per share, or $72 billion, deal for its studio and streaming assets.
“The Netflix merger agreement remains in effect and the Board continues to recommend in favor of the Netflix transaction,” Warner Bros. said in a statement.
Paramount said it had submitted a revised bid, while Netflix did not immediately respond to a request for comment.
Netflix shares closed up more than 2%, while Warner Bros. gained 0.8% and Paramount fell 1.6%.
Warner Bros. Discovery said Tuesday it was considering a new bid from Paramount Skydance without disclosing the value of the deal, as the CBS owner makes a last-ditch effort to thwart Netflix from buying the coveted Hollywood studio.
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