New York, Feb 24 (AP) Warner Bros. Discovery says it’s reviewing a new takeover offer from Paramount but it continues to recommend a competing offer from Netflix to its shareholders.
Warner disclosed on Tuesday that it had received a revised proposal after a seven-day window to renew talks with Paramount elapsed on Monday.
Skydance-owned Paramount confirmed that it had submitted a revised proposal, but did not provide further details on the latest bid. The company was widely expected to have raised its offer price.
A Warner Bros. Discovery buyout would reshape Hollywood and the wider media landscape — bringing HBO Max, cult-favorite titles like “Harry Potter” and, depending on who wins the Netflix v/s Paramount tug-a-war, potentially even CNN under a new roof.
Paramount wants to acquire Warner Bros. in its entirety — including networks like CNN and Discovery — and went straight to shareholders with an all-cash, USD 77.9 billion hostile offer just days after the Netflix deal was announced. Accounting for debt, it previously offered Warner stakeholders USD 30 per share, amounting to an enterprise value of around USD 108 billion.
Netflix only wants to buy Warner’s studio and streaming business for USD 72 billion, or about USD 83 billion including debt. (AP) SKS SKS
Category: Breaking News
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