Warner Bros. Discovery gives Paramount one week to present its 'best and final' offer

"As noted in the press release, a Paramount representative told WBD that it would agree to pay $31 per share if WBD reopens negotiations, adding that this isn't Paramount's "best and final proposal." Paramount has been upping its bid to purchase the entirety of WBD for weeks now, offering to cover the $2.8 billion termination fee WBD would have to pay if it abandons its deal with Netflix."

"Netflix says it granted WBD a seven-day waiver to engage with Paramount to "fully resolve" the bidding war. It adds that the "foreign funding behind PSKY's bid is already raising serious national security concerns." Netflix's press release cites Rep. Sam Liccardo's (D-CA) recent letter to Paramount, which questions the Middle Eastern partners backing its deal, such as Saudi Arabia's Public Investment Fund."

"WBD shareholders will vote on the merger with Netflix on March 20th. "We continue to believe the Netflix merger is in the best interests of WBD shareholders due to the tremendous value it provides, our clear path to achieve regulatory approval and the transaction's protections for shareholders against downside risk," Samuel Di Piazza, Jr., the chair of WBD's board of directors, says in the press release."

Warner Bros. Discovery rejected Paramount's latest acquisition bid and reopened negotiations while issuing a seven-day deadline for a best-and-final proposal. WBD continues to favor Netflix's $82.7 billion offer to acquire its studio and streaming assets. Paramount indicated willingness to pay $31 per share if negotiations reopen and has repeatedly increased its bid, including an offer to cover the $2.8 billion termination fee. Netflix granted a seven-day waiver to engage with Paramount and flagged national security concerns tied to foreign funding behind Paramount's partners, citing questions about Saudi Arabia's Public Investment Fund. WBD shareholders will vote on the Netflix merger on March 20.

Read at The Verge