Rivalry Heats Up: Netflix and Paramount Battle for Warner Bros

Netflix and Paramount Skydance are competing to acquire Warner Bros Discovery. Netflix has offered $82.7 billion, focusing on the studio and streaming segments. Paramount's bid stands at $108.4 billion for the entire company, including assets like CNN and HGTV. The shareholder vote is scheduled for March 20.

Netflix is reportedly prepared to raise its acquisition offer for Warner Bros Discovery if rival Paramount Skydance increases its bid, according to sources familiar with the situation. The competition between these media giants centers around Warner Bros' illustrious catalog, featuring franchises like 'Harry Potter' and 'Game of Thrones'.

Warner Bros is scheduled to proceed with a shareholder vote on Netflix's $27.75 per share offer, amounting to $82.7 billion for its studio and streaming operations. In contrast, Paramount has proposed a more comprehensive deal, offering $108.4 billion to acquire the entire company, which includes Discovery Global's assets such as CNN and HGTV.

Both Netflix and Warner Bros have declined to comment on the ongoing negotiations as the March 20 voting deadline approaches.

(With inputs from agencies.)