Warner Bros Discovery (WBD) has confirmed it is reviewing a revised offer to acquire the whole company from Paramount Skydance.
In a statement, WBD said the board is looking at the bid in “consultation with our financial and legal advisors”. It adds: “The Netflix merger agreement remains in effect, and the Board continues to recommend in favour of the Netflix transaction.”
The terms of the new offer, which first surfaced last night, have not been disclosed. Paramount’s most recent all-cash hostile offer stood at $30 per share in its $108.4bn bid for the entirety of WBD.
The fresh offer follows a one-week negotiating window between WBD and Paramount that expired last night.
The companies report earnings this week on Wednesday and Thursday, respectively.
Last month, Netflix amended its $27.75 bid for Warner Bros’ streaming and studios business to an all-cash offer, which will see WBD shareholders receive additional value in the form of shares in the spin-off cable group Discovery Global, which houses CNN.
WBD shareholders will decide which offer to choose during a vote on March 20. The accepted offer is subject to regulatory approval and customary closing conditions.
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