Warner Bros. officially deems Paramount’s bid ‘superior,’ and Netflix withdraws

5 days ago 8

Warner Bros. Discovery has formally declared Paramount Skydance’s latest takeover proposal a “superior” offer to its existing deal with Netflix, escalating one of the most dramatic bidding wars Hollywood has seen in years. The determination prompted Netflix to withdraw from the bidding, handing the victory to Paramount.

In a statement Thursday, Warner Bros. Discovery said its board concluded that Paramount’s revised all‑cash offer to buy the entire company qualifies as a “company superior proposal” under the terms of its merger agreement with Netflix. The bid values Warner Bros. Discovery at around $111 billion, or $31 a share, up from Paramount’s earlier $30‑per-share proposal and well above the economics of Netflix’s $83‑billion pact announced in December.

Warner Bros. Discovery notified Netflix that Paramount’s offer is now deemed superior, formally triggering a contractual window during which Netflix could submit changes to its deal in an attempt to reclaim that status.