Paramount Boosts Bid for Warner Bros. to $31 Per Share, Could Lead to ‘Superior Proposal’ Over Netflix

The Warner Bros. Discovery board of directors announced Tuesday that a revised bid from Paramount Skydance of $31 per share could “reasonably be expected” to lead to a “superior proposal” in its potential acquisition deal with Netflix.

Per a press release issued by the David Zaslav-led company, Wbd’s board “has not made a determination” as to whether the revised proposal is “superior” to the merger agreement in place with Netflix, and Wbd “will engage further” with Paramount to determine if a “company superior proposal” — a term defined within the language of its existing Netflix pact — can be reached. If the board finds such a deal has been received, Warner Bros. Discovery says Netflix will “have four business days after such determination to negotiate with Wbd and to propose any revisions to the Netflix transaction.”

The Netflix deal, which includes buying Warner Bros. and HBO Max, is valued at nearly $83 billion.