Netflix has sharpened its attack on a rival takeover attempt for Warner Bros Discovery, with co-chief executive Greg Peters saying Paramount’s offer “doesn’t pass the sniff test,” according to the Financial Times.
Peters told the newspaper that Netflix is confident of securing shareholder backing for its $82.7 billion bid for Warner Bros’ film and television studios. He added that only a “very small” number of Warner Bros shares have been tendered in support of Paramount Skydance’s hostile $108 billion offer for the entire group.
Netflix recently revised its proposal to an all-cash offer, arguing it provides greater deal certainty than Paramount’s bid, which is partly financed with about $55 billion in debt. Peters highlighted Netflix’s balance sheet strength, contrasting it with Paramount’s reliance on heavy leverage. He also questioned whether Paramount could complete the deal without backing from Larry Ellison, whose personal support was tied to an earlier amended bid.
Warner Bros’ board has already rejected Paramount’s revised proposal, while Paramount Skydance has extended its tender offer deadline to February 20. The standoff underscores intensifying competition in the media sector, as streaming giants race to secure premium content libraries amid heightened consolidation scrutiny.
