WBD weighs Paramount's $31-a-share bid over Netflix

Warner Bros. Discovery's board said Paramount's latest offer—$31 per share for the entire company, up from $30—could reasonably be expected to produce a proposal superior to Netflix's, though it has not yet made a final determination. The bid covers WBD's studio and its cable networks, including CNN and TruTV.

If the board does decide Paramount's bid is better, Netflix, which has offered $27.75 per share for WBD's streaming and studio assets, would have four days to match or top it. Netflix could stand pat, but doing so might risk its chance to buy HBO while still collecting billions from the deal.

Paramount addressed earlier concerns by securing a guarantee from billionaire Larry Ellison and agreeing to reimburse WBD's payout to Netflix if the board switches deals. WBD had flagged issues with an equity backstop and who would cover a breakup fee; Paramount has argued its all-in offer is preferable because the cable channels' value is limited once debt is accounted for.

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