"Warner Bros Discovery Inc. has agreed to reopen negotiations with rival Hollywood studio Paramount Skydance Corp. after the suitor proposed raising its bid and sweetened other terms of its offer, setting the stage for a renewed showdown with Netflix Inc. Netflix, which Warner Bros. still described as its preferred bidder, has granted the board seven days to discuss Paramount's most recent proposal, according to a statement Tuesday."
"The decision came after a Paramount banker told a Warner Bros. board member that Paramount would offer at least $31 a share, or $1 a share higher than its previous offer, if the company agreed to reopen talks. Warner Bros. now wants to see that, and other aspects of Paramount's new bid, in writing. Throughout the entire process, our sole focus has been on maximizing value and certainty for WBD shareholders, Warner Bros. Chief Executive Officer David Zaslav said in the statement."
Warner Bros. Discovery agreed to reopen negotiations with Paramount Skydance after Paramount proposed raising its bid and sweetening other terms. Paramount told a Warner Bros. board member it would offer at least $31 a share, $1 higher than its prior offer, if talks reopened. Warner Bros. requested the new bid and other terms in writing and gave Paramount seven days for the board to consider the proposal. The Warner Bros. board continues to unanimously recommend shareholder approval of the binding Netflix offer of $27.75 a share, valuing the deal at $72 billion. Paramount's all-cash $77.9 billion bid, backed by Larry Ellison, covers the entire company including cable channels slated for a Netflix spin-off. Warner Bros. scheduled a shareholder vote on March 20.
Read at www.mercurynews.com
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