Warner Bros Discovery said Paramount’s sweetened $31-a-share offer to buy the studio and streaming group could best Netflix’s existing deal, a boon for the Ellison-backed media company’s takeover pursuit.
WBD on Tuesday said Paramount’s revised proposal of $31 a share in cash for the whole of WBD, as well as a guarantee to cover the $2.8bn termination fee owed to Netflix, could “reasonably be expected” to lead to a superior deal.
The verdict from WBD’s board comes after Paramount was given a seven-day period to restart talks with WBD, after Netflix granted the Hollywood group a waiver. That seven-day period concluded on Monday.
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