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Warner Bros. Says Paramount’s New Offer Is “Superior.” Netflix Has Four Days to Respond
#Warner Bros. Discovery#Paramount#Netflix#acquisition bid#streaming industry#corporate merger#$31 per share offer
📌 Key Takeaways
WBD board declares Paramount's $31 per share offer superior to Netflix's
Netflix has a four-day window to revise its bid to remain competitive
If Netflix fails to make a better offer, WBD can terminate the Netflix merger agreement
This represents a significant shift in the bidding war for Warner Bros. Discovery
📖 Full Retelling
Warner Bros. Discovery's board of directors announced on Thursday that Paramount's revised offer of $31 per share to acquire the company is 'superior' to Netflix's bid, triggering a four-day period for the streaming giant to modify its proposal if it wishes to keep its acquisition attempt alive. The statement from WBD explains that they have notified Netflix of their determination that the PSKY proposal (likely referring to Paramount) constitutes a 'Company Superior Proposal.' According to the terms of the Netflix merger agreement, this notice starts a four business-day window during which Netflix can propose revisions to its agreement to make its offer more competitive. If after this period, WBD's board still determines that Paramount's offer remains superior, they would be entitled to terminate the Netflix merger agreement. This development represents a significant turn in the ongoing bidding war for Warner Bros. Discovery, a major entertainment conglomerate with valuable assets including Warner Bros. Studios, HBO, and various streaming platforms.
🏷️ Themes
Corporate acquisitions, Media industry competition, Streaming wars
# Netflix
**Netflix** is an American subscription video-on-demand (SVOD) over-the-top streaming service. It serves as the primary distribution platform for both original and acquired content, including feature films, television series, documentaries, and specials across a vast array of genres and i...
Warner Bros. is a brand name that has been used by several multinational mass media and entertainment companies and corporations, mostly based in the United States, with attributions to Warner Bros. Pictures, a major American film studio founded on April 4, 1923.
Share on Facebook Share on X Google Preferred Share to Flipboard Show additional share options Share on LinkedIn Share on Pinterest Share on Reddit Share on Tumblr Share on Whats App Send an Email Print the Article Post a Comment Warner Bros. Discovery ‘s board of directors says that Paramount ‘s latest offer to buy the company is “superior” to the Netflix deal, kicking off a four-day window for the streaming giant to modify its deal if it wants to keep its bid for Warners alive. “WBD has notified Netflix of its determination that the PSKY proposal constitutes a ‘Company Superior Proposal.’ Under the terms of the Netflix merger agreement, this notice triggers a four business day period during which Netflix has the right to propose revisions to the Netflix merger agreement so that the PSKY proposal would cease to constitute a ‘Company Superior Proposal,'” WBD’s board said in a statement. “Following the conclusion of this period, if the Board determines in good faith, after consultation with its independent financial and legal advisors, that, after considering any revisions to the terms of the Netflix merger agreement proposed by Netflix, the PSKY proposal continues to constitute a ‘Company Superior Proposal,’ WBD would be entitled to terminate the Netflix merger agreement.” More to come. THR Newsletters Sign up for THR news straight to your inbox every day Subscribe Sign Up More from The Hollywood Reporter CAA Maral Beylerian Rejoins CAA to Bring Brands to Hollywood Dealmaking
