Hollywood Showdown: Paramount vs. Netflix in Bid for Warner Bros

Paramount has extended its tender offer for Warner Bros Discovery, competing with Netflix. The acquisition would grant iconic franchises and HBO Max. Netflix revised its offer to an all-cash deal, while Paramount's offer includes $40 billion in equity backed by Oracle's Larry Ellison.

In a fierce battle for Hollywood stakes, Paramount has extended its tender offer deadline for Warner Bros Discovery to February 20. The decision aims to outmaneuver Netflix and persuade investors of its bid's superiority.

A victory in this bid will grant the suitor access to highly sought-after franchises like 'Friends' and 'Batman' alongside the coveted HBO Max streaming service. Initially, Netflix modified its $82.7 billion offer, opting for an all-cash approach to quicken deal closures and stabilize financial confidence among investors.

The strategic moves have seen share prices shift, with Paramount climbing 0.5% in premarket trading. As both players prepare for a culminating shareholder vote likely by April, they argue the merits of their offers for the control of Warner Bros' iconic assets and future streaming dominance.

(With inputs from agencies.)