WBD weighs rival Paramount bid against Netflix deal amid higher offer
Warner Bros. Discovery says Paramount Skydance has submitted a higher bid and its board will review it under the Netflix deal. If Paramount’s offer is deemed superior, Netflix will have four days to improve its bid; Netflix previously agreed to acquire WBD’s studio and streaming assets for $27.75 per share (~$72 billion in assets, ~$82.7 billion enterprise value). Paramount’s tender values WBD at $30 per share in a hostile bid. If Paramount wins and Netflix doesn’t raise its bid, a $2.8 billion breakup fee would be paid. A combined Paramount-WBD would merge HBO Max with Paramount+, with CNN and CBS News under one umbrella, both deals needing regulatory approval amid antitrust concerns.
