Warner Bros. Discovery Reopens Talks After Paramount Raises Offer to $31 Per Share
Warner Bros. Discovery has reopened negotiations with Paramount Skydance after Paramount signaled a revised all-cash bid of at least $31 per share, valuing the company at $77.9 billion. The board maintains its recommendation for Netflix’s $27.75 per share proposal and will review Paramount’s written terms within seven days.
1. Reopening Negotiations
Warner Bros. Discovery agreed to reengage with Paramount Skydance for merger discussions after Paramount proposed raising its offer to at least $31 per share. The board has set a seven-day period to receive a binding written proposal with improved value and certainty.
2. Bid Comparisons and Values
The Paramount bid is all-cash and values Warner Bros. Discovery at $77.9 billion, surpassing Netflix’s binding agreement to acquire Warner’s studios and HBO Max for $72 billion at $27.75 per share. Paramount’s offer covers the entire company, including cable channels slated for spin-off.
3. Decision Timeline and Vote
Warner’s board continues to recommend the Netflix transaction and will weigh Paramount’s higher bid before its expiration. A shareholder vote on the Netflix deal is scheduled for March 20 to finalize approval or pursue alternative offers.
4. Stock Market Reaction
Warner Bros. Discovery shares rose 2.5% in early trading, while Paramount Skydance and Netflix stocks climbed 2.7% and 1.2%, respectively, reflecting investor optimism over the renewed bidding war.