Paramount Ups Ante in Warner Bros Streaming Battle

Warner Bros Discovery considers Paramount's $31-a-share offer superior to Netflix's, initiating a high-stakes Hollywood bidding war. The decision rests on whether Netflix revises its proposal within four business days. With substantial financial resources, Netflix aims to acquire Warner Bros' streaming and studio businesses, reshaping Hollywood's power structure.

Warner Bros Discovery announced that Paramount's $31-a-share offer surpasses its current agreement with Netflix, challenging the streaming giant to respond within four business days.

The intense bidding war could reach a conclusion after Thursday's announcement. Previously, Netflix had provided Warner Bros a seven-day waiver to pursue a 'best and final offer' from Paramount. This latest announcement triggers a critical timeline for Netflix to possibly revise its stance, according to Warner Bros.

The battle for Warner Bros' streaming and studio assets, valued for their content library and franchises like 'Game of Thrones' and DC Comics, holds potential to significantly alter Hollywood's landscape. Paramount has argued for a clearer regulatory approval path, whereas Netflix, with $9.03 billion in financial reserves, is poised to make a competitive offer.

(With inputs from agencies.)