Shares of the streaming giant were up nearly 10% in after-hours trading, at more than $92, after Netflix declined to increase its offer for the film and media giant after the company’s board declared Paramount Skydance’s new bid was a “superior proposal.” Netflix’s stock had closed Thursday at $84.59.
In December, Netflix outmaneuvered Paramount to secure a deal to buy Warner Bros. Discovery’s studio and streaming businesses for $27.75 per share. This week, Paramount sweetened its offer to buy all of Warner Bros. Discovery, including its struggling cable business, increasing it from $30 per share to $31 per share.
Warner Bros. controls the rights to the DC Comics library of superheroes, “Harry Potter” film and television rights, as well as HBO, still the preeminent brand in television. However, investors had been skeptical about the wisdom…
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