Warner Bros. Discovery said Tuesday that Paramount Skydance’s revised bid for the entire company, including its cable networks. “could reasonably be” considered a superior offer compared to Netflix’s deal for its studio and streaming business.
The updated offer, submitted late Monday after a seven-day extension period approved by Netflix, raises the purchase price to $31 a share from $30 and adds a ticking fee if the deal drags beyond late 2026. The proposal also includes a $7 billion reverse termination fee if regulators block the deal, along with reimbursement for Warner Bros. Discovery’s potential breakup cost with Netflix.
“The Board has not made a determination as to whether the revised PSKY proposal is superior to the merger with Netflix,” WBD said in a news release, adding it will ” engage further” with PSKY to determine if a proposal is actually superior.
Netflix still has the opportunity to match the bid. The company did not immediately respond to a request for comment.
In December, Netflix announced a $72 billion deal to acquire Warner Bros. Discovery’s film studio, along with HBO and the HBO Max streaming service.
This is a developing story. Please check back for updates.
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