Hollywood Power Struggle: Warner Bros Caught in Crossfire Between Paramount and Netflix

Warner Bros Discovery is weighing a new higher bid from Paramount Skydance amid a heated bidding war with Netflix. This strategic battle could reshape Hollywood's landscape by granting one of these suitors control over Warner Bros' prized assets. Shareholders will vote on Netflix's offer soon.

Warner Bros Discovery is embroiled in a high-stakes battle between Paramount Skydance and Netflix, as both companies vie for control of the prestigious Hollywood studio. Paramount's latest offer exceeds its previous bid of $30 per share, amounting to $108.4 billion, inclusive of debt.

This comes as Netflix has already secured a merger agreement for $27.75 per share, totaling $82.7 billion. The strategic acquisition would bestow on the winning bidder an extensive film and television library, including famed franchises such as "Game of Thrones," "Harry Potter," and DC Comics.

While Paramount seeks full ownership, including TV assets, by leveraging connections for U.S. regulatory approval, Netflix is poised to increase its offer with ample cash reserves. Warner Bros shareholders are set to vote on the current Netflix deal on March 20.

(With inputs from agencies.)