Paramount’s New Chance to Win Over Warner Bros. Discovery

Warner Bros. Discovery said it would restart merger talks with Paramount, giving the rival studio roughly a week to make its case to abandon its deal with Netflix. The studio is not definitively switching sides. Its agreement with Netflix allows talks with a rival bidder if that is likely to lead to a “reasonably superior offer,” and Warner Bros.

Discovery has said it does not believe that is the case here. Netflix has given the company until Feb. 23 to discuss questions about Paramount’s competing bid, while Warner Bros. Discovery’s board continues to recommend that shareholders vote for the Netflix agreement.

Netflix added: “This does not change the fact that we have the only signed, board-recommended agreement with W.B.D., and ours is the only certain path to delivering value to W.B.D.’s stockholders.” Paramount has tried to cast doubt on that certainty, arguing its offer for all of Warner Bros.

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