Paramount has raised its offer to buy Warner Bros. Discovery in escalating its battle against Netflix acquiring the studio.
The new bid reportedly improves on some of Warner Bros. Discovery’s concerns with the initial $30-a-share, all-cash proposal, per Bloomberg.
The new bid improves on the $30-a-share, all-cash proposal that Paramount took directly to Warner Bros. shareholders on Dec. 8 and addresses some of the company’s concerns with previous Paramount bids, according to the people, who asked to not be identified because the details aren’t public. Those terms include greater certainty of Paramount financing.
The media giant agreed in December to sell its film and TV studios and HBO Max business to Netflix Inc. for $27.50 a share. That deal involves a spin off of Warner Bros. cable networks like CNN and TNT.
The improved offer comes after Netflix granted Warner Bros. Discovery a seven-day waiver to reconsider amended offers from Paramount Skydance. The waiver closed on Monday and Netflix has four days to respond if Warner Bros. Discovery concludes that Paramount’s new offer is better than the original agreement.
Speaking with CNBC on Tuesday, Ted Sarandos said that Paramount has been “flooding the zone with misinformation, creating a bunch of what-ifs and scenarios that are very wild, and even in any end of that range, let alone the top end of that range.”
Sarandos expressed confidence the deal will proceed as planned following the seven-day waiver.
“The most likely outcome is, there’s no adjustment at all. Warners had been very clear that their intent is to maximize cash for the shareholders,” he said.
While President Trump initially said he would keep his hands off the situation, he called upon Netflix last week to fire former Obama White House adviser Susan Rice from its board or else “pay the consequences.”
“Netflix should fire racist, Trump Deranged Susan Rice, IMMEDIATELY, or pay the consequences,” Trump wrote on Truth Social. “She’s got no talent or skills – Purely a political hack! HER POWER IS GONE, AND WILL NEVER BE BACK. How much is she being paid, and for what???”
