Paramount Skydance Vows to ‘Engage Constructively’ With Warner Bros. Discovery Board After Making $31 a Share Bid

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…