Warner Bros. Weighs Latest Paramount Bid

Warner Bros. Discovery said it is considering a new bid from Paramount Skydance, without disclosing the value of the offer, as the CBS owner makes a last-ditch effort to thwart Netflix from acquiring the Hollywood studio, Reuters reported.

If Warner Bros. determines that Paramount’s new offer is superior, Netflix will have four days to respond. (Photo: Blervis, Wikimedia Commons) 

The latest proposal exceeds Paramount’s previous bid of $30 per share in cash — or $108.4 billion including debt — for the entire company, a source familiar with the matter told Reuters.

The offer follows a week of talks aimed at addressing concerns that prompted Warner Bros. to reject earlier Paramount bids in favor of Netflix’s $27.75 per share, or $82.7 billion, deal for its studio and streaming assets.

“The Netflix merger agreement remains in effect and the Board continues to recommend the Netflix transaction,” Warner Bros. said in a statement. Netflix and Paramount did not immediately respond to requests for comment.

Shares of all three companies rose between 0.4% and 0.8% in premarket trading. If Warner Bros. determines that Paramount’s new offer is superior, Netflix will have four days to respond, according to the agreement announced in December.