Paramount Intensifies Bid to Sway Warner Bros Away from Netflix

Paramount has increased its offer for Warner Bros, challenging Netflix's bid for the HBO Max owner. The bidding war focuses on dominance in the streaming market, with Paramount backed by Oracle's Larry Ellison. The outcome depends on regulatory scrutiny and Warner Bros' shareholder decision.

Paramount has upped its offer for Warner Bros in an attempt to outbid Netflix, according to sources. This move intensifies the competition for control over the HBO Max owner, as both companies vie for a significant foothold in the streaming market.

The revised offer from Paramount is backed by Oracle billionaire Larry Ellison and seeks to address Warner Bros' concerns over financing certainty. Although Warner Bros is considering the new bid, it still recommends Netflix's proposal to its shareholders, while the fate of the deals hinges on regulatory scrutiny and investor decisions.

Netflix, which could increase its bid, would become the largest global streaming entity with a Warner Bros merger. The battle awaits a crucial vote from Warner Bros shareholders, alongside reviews by competition authorities, as lawmakers express concerns about the potential impact on consumer choice and creative industries.

(With inputs from agencies.)