Paramount Raises Its Bid for Warner Bros. Discovery
The New York Times • • business
Key Points:
- Warner Bros. Discovery announced that Paramount's revised bid of $31 per share could potentially be a "superior proposal" to its existing $83 billion deal with Netflix, prompting further negotiations.
- The ongoing battle involves Warner Bros. Discovery's decision last December to sell a large portion of its business to Netflix, rejecting Paramount's earlier $108 billion offer for the entire company.
- Paramount has pursued a hostile takeover by appealing directly to shareholders and recently increased its offer, leading Warner Bros. Discovery to reopen talks and request a final proposal by Monday.
- Warner Bros. Discovery will continue discussions with Paramount and, if Paramount's bid is deemed superior, will allow Netflix four days to submit a counteroffer as per their agreement.
