Warner Bros. Discovery has reopened the door to negotiations with Paramount Global, signaling a potential shift in one of the most closely watched media deal battles of the year.
After previously rejecting Paramount’s advances, Warner Bros.
Discovery has now invited the company to submit what it calls a “best and final” offer within a limited timeframe, raising the prospect of renewed takeover discussions.
The move comes despite Warner Bros. Discovery’s existing agreement to merge key assets with Netflix, a transaction the board has continued to endorse.
Under the terms of that agreement, Netflix retains the right to match any superior proposal. A shareholder vote on the Netflix deal is scheduled for next month, adding urgency to Paramount’s renewed push.
Paramount’s earlier bid, reported to be around $30 per share, was rejected, though the company has indicated a willingness to improve its offer.
Sources familiar with the negotiations suggest Paramount may raise its bid in an effort to sway the board and shareholders.
The company’s pursuit has drawn backing from high-profile investors, including Larry Ellison and David Ellison, whose involvement underscores the strategic importance of the potential acquisition.
Industry analysts say the renewed talks could reignite a bidding contest between Paramount and Netflix, potentially driving up shareholder value but also complicating an already intricate deal landscape.
Financing structures, regulatory scrutiny, and long-term strategic alignment remain central concerns for Warner Bros. Discovery’s board as it evaluates its options.
If Paramount succeeds in submitting a more compelling proposal, Warner Bros. Discovery could pivot away from its Netflix agreement.
If not, the company appears prepared to proceed with the previously announced merger. For now, Hollywood — and Wall Street — are watching closely as the clock ticks on Paramount’s next move.
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