Showdown for Hollywood: Paramount Targets Warner Bros in Last-Ditch Offer

Paramount Skydance has made a revised bid to acquire Warner Bros. Discovery, exceeding its previous offer. This move counters Netflix's existing agreement to purchase Warner Bros. Tensions mount as both contenders vie for the prestigious studio, with Netflix still holding a right to match any new offers.

Paramount Skydance has intensified its pursuit of Warner Bros. Discovery, presenting a revised offer that outstrips its previous bid. This latest proposal comes amid ongoing discussions to sway Warner's board away from its current agreement with Netflix, which has offered $27.75 per share for the studio and streaming assets.

Warner Bros. confirmed that while Paramount's new offer appears more lucrative, the board still supports the Netflix transaction. The question remains whether Netflix, with its significant cash reserves, will increase its bid to match Paramount's. Analysts suggest a figure of $34 per share from Paramount could resolve the bidding conflict.

As negotiations continue, the entertainment landscape could transform dramatically depending on the acquisition outcome. Paramount has pledged to cover any break-up fees for Warner Bros. if their bid is successful, showing their commitment to securing one of Hollywood's most prized entities.

(With inputs from agencies.)