WBD says Paramount made higher bid, board will weigh offer against Netflix deal
CNBC • • general
Key Points:
- Warner Bros. Discovery (WBD) has received a higher takeover offer from Paramount Skydance (PSKY) and is reviewing the bid under its existing agreement with Netflix, which currently plans to acquire WBD's studio and streaming assets for $27.75 per share.
- Paramount submitted a revised bid following a seven-day waiver period granted by Netflix, aiming to buy all of WBD for $30 per share, including cable networks like CNN and digital assets such as Bleacher Report.
- WBD's board continues to recommend the Netflix transaction but will update shareholders after reviewing Paramount's new offer; if deemed superior, Netflix has four days to improve its bid or pay a $2.8 billion breakup fee funded by Paramount.
- A Paramount
