DOJ Probes Warner Bros. Discovery Sale After $31-Per-Share Paramount Bid
The DOJ has summoned theatre chains to evaluate whether Warner Bros. Discovery’s pending sale will reduce theatrical releases, as the company rebuffed Paramount Skydance’s $31-per-share takeover bid, giving them until Feb. 23 to improve their offer. Netflix, able to match, has pledged 45-day exclusive theatrical windows for Warner Bros. films.
1. DOJ Antitrust Investigation
Federal authorities have summoned major theatre chain executives to assess whether Warner Bros. Discovery’s potential sale could limit the number or diversity of films shown in cinemas, marking a significant antitrust review that could delay or reshape the transaction.
2. Paramount Skydance Takeover Bid
Warner Bros. Discovery declined Paramount Skydance’s informal $31-per-share offer and set a Feb. 23 deadline for a best and final bid, signaling the board’s expectation of a higher proposal before approving any sale.
3. Netflix Matching Rights and Theatrical Window
Netflix retains the right to match any competing offer and has pledged to grant a 45-day exclusive theatrical release window for Warner Bros. films, aiming to reassure theatre operators and regulators about the impact on moviegoing audiences.