Warner Bros. Discovery Reviewing Paramount’s Latest Revised Bid, Continues to Recommend Netflix Deal

Warner Bros. Discovery says it is reviewing Paramount Skydance’s latest revised bid in consultation with its financial and legal advisors after engaging in a seven-day negotiating period.

“We will update our shareholders following the Board’s review. The Netflix merger agreement remains in effect, and the Board continues to recommend in favor of the Netflix transaction,” the company said in a statement on Tuesday. “Wbd shareholders are advised not to take any action at this time with respect to the amended Psky tender offer.”

The move comes after the board asked Paramount CEO David Ellison to submit his “best and final offer” and was granted a limited waiver from…