Warner Bros Discovery has rejected Paramount Skydance’s latest $30-per-share hostile takeover bid but invited the company to submit a final improved offer within seven days.
The media giant stated that the proposal does not currently outweigh its ongoing merger agreement with Netflix. Paramount has until February 23 to present what Warner Bros described as a “best and final” bid, which Netflix retains the right to match under existing deal terms.
Paramount’s offer values Warner Bros at approximately $108.4 billion, compared to Netflix’s $82.7 billion bid focused specifically on studio and streaming assets. Despite informal indications that Paramount may increase its offer to $31 per share, Warner Bros signaled continued preference for the Netflix transaction.
Shareholders are set to vote on the Netflix merger on March 20. The proposed deal would involve spinning off Discovery Global’s cable operations into a separate publicly traded entity.
The bidding battle reflects intensifying competition for premium content libraries and streaming dominance in a rapidly evolving entertainment landscape.
