Paramount Skydance Ups the Ante in Warner Bros Discovery Bid

Warner Bros Discovery receives a new offer from Paramount Skydance, raising its bid to $31 per share. Netflix must decide within four days to counter. The Warner board remains undecided between Netflix's previous $82.7 billion deal or considering the revised terms from Paramount.

In a strategic move, Paramount Skydance has raised its offer to $31 per share in its bid for Warner Bros Discovery. The company, led by David Ellison, aims to outmaneuver Netflix, which had previously agreed to purchase Warner's studio and HBO streaming service for $82.7 billion, equating to $27.75 per share.

The decision now rests with Warner Bros Discovery's board, which has four days to assess whether Paramount's revised proposal surpasses the existing agreement with Netflix. This development follows a week of intense negotiations addressing concerns that led Warner's board to favor Netflix's initial offer.

As discussions progress, Warner directors are poised to engage further, though the board has yet to announce a definitive stance. Meanwhile, Netflix has not issued any immediate comments on the matter, leaving industry watchers in anticipation.

(With inputs from agencies.)