Warner Bros Discovery has rejected Paramount Skydance's latest $30-a-share hostile bid but has given the rival studio a seven-day window to submit a "best and final" offer.
While Paramount informally broached a higher per-share price of $31, Warner Bros indicated a preference for its existing agreement to sell its businesses to Netflix. Warner Bros' board stated that Paramount's proposal is not reasonably likely to result in a superior transaction compared to the Netflix merger, to which they remain fully committed.
Paramount has until February 23 to make a new offer, which Netflix can match. The article details the ongoing bidding war, including financial figures, activist investor pressure, and concerns about Paramount's financing.
Warner Bros is proceeding with a shareholder vote on the Netflix deal for March 20.
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