Hollywood Power Play: Paramount vs. Netflix in Warner Bros Bidding War

Paramount and Netflix are in a fierce battle to acquire Warner Bros Discovery. Paramount's extended bid and Netflix's all-cash offer present a volatile situation. A shareholder vote will decide the outcome, impacting control over huge franchises like 'Friends' and the future of HBO Max.

The battle for Warner Bros Discovery is intensifying as Paramount has extended its hostile tender offer deadline to February 20, buying time to persuade investors of its superiority over Netflix's all-cash bid. While Paramount's initial offer of $108.4 billion remains unchanged, only 6.8% of Warner Bros shares had been tendered by the original deadline.

A takeover could reshape the Hollywood landscape, bringing iconic franchises like 'Friends' and 'Batman' under one roof, along with the HBO Max streaming service. Despite Paramount's efforts, Warner Bros has maintained that Netflix's $82.7 billion all-cash offer provides greater financial certainty and was unanimously approved by its board.

The focus is now on a shareholder vote expected by April. Paramount is lobbying for investors to reject the 'inferior Netflix transaction,' with plans to overhaul Warner Bros' board if necessary. As the regulatory approval process advances, the stakes remain high in this blockbuster bidding war.

(With inputs from agencies.)