NEW YORK (AP) — Warner Bros. Discovery has determined that Paramount’s latest takeover offer is better than the streaming and studio deal it struck with Netflix, marking a stark shift in momentum in the fight for the storied Hollywood giant.
The owner of HBO Max, DC Studios and popular titles like “Harry Potter” had previously backed Netflix’s proposal for months. But after Skydance-owned Paramount upped its rival bid for the entire company to $31 per share, in addition to other revisions, Warner’s board changed its tone about the best option on the table.
That could mean the start of a fresh bidding war over Warner. Netflix now has four business days to try and match Paramount’s proposal to further revise its offer — which currently stands at $27.75 per share for Warner’s studio and streaming business.