Paramount Raises Bid for Warner Bros. Discovery

Paramount has revised its offer for Warner Bros. Discovery to $31 a share, a proposal Warner said could reasonably be expected to lead to a “superior proposal” to the deal it signed with Netflix. The company said it will continue discussions with Paramount and, if it concludes the bid is superior, will give Netflix four days to submit a counterproposal as set out in their agreement.

Warner Bros. Discovery reached a December agreement to sell a large portion of its business to Netflix for $83 billion, rejecting an earlier Paramount Skydance proposal to acquire the entire company for $108 billion. Paramount had taken its pitch to shareholders and made tweaks to its offer but had not raised the price, which previously valued the company at $30 a share.

Last week Warner Bros. Discovery reopened talks, giving Paramount until the end of Monday to present its best-and-final offer.

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