Warner Bros. Discovery Says Paramount Has Upped Bid to $31 Per Share
Variety • • business
Key Points:
- Warner Bros. Discovery's board announced that Paramount Skydance's revised bid of $31 per share could potentially lead to a superior acquisition proposal compared to the existing Netflix deal.
- The board has not yet determined if Paramount's offer is superior and will continue discussions to see if a "company superior proposal" can be reached, allowing Netflix four business days to respond if such a determination is made.
- The Netflix deal, valued at nearly $83 billion, remains in effect and is still recommended by WBD's board, with a shareholder vote scheduled for March 20; Paramount's new bid values the company at approximately $112 billion.
- Paramount's proposal includes a $31 per share price, a daily ticking fee starting after September
