Warner Bros. Discovery signalled on Tuesday that it is prepared to engage further with Paramount Global after the rival bidder raised its offer to $31 per share in cash. The move intensifies a high-stakes bidding war with Netflix, which had been the preferred suitor for Warner\u2019s movie and television studios and its HBO Max streaming service. Paramount Sweetens the Deal In its revised proposal, Paramount increased the termination fee to $7 billion \u2014 up from $5.8 billion \u2014 should regulatory approval not materialise. It also agreed to pay Warner shareholders 25 cents per share per quarter for every quarter beyond September 30 that the deal remains pending. Additionally, Paramount committed to injecting more equity if lenders raise concerns about financing. Warner\u2019s board said it has not yet determined whether Paramount\u2019s updated offer is superior to Netflix\u2019s bid but confirmed it would continue discussions. Under the current agreement, Netflix has four business days to revise its offer if a superior proposal emerges. Competing Structures The bidding contest is complicated because the companies are not vying for identical assets. Paramount\u2019s $31-per-share offer is for the entire company. Netflix, meanwhile, has offered $27.75 per share \u2014 valuing the transaction at $82.7 billion including net debt \u2014 for Warner\u2019s studios, content library, and HBO Max. Warner plans to spin off its cable television division into a separately traded entity called Discovery Global. The value of Netflix\u2019s offer partly depends on Discovery Global\u2019s future debt load and market valuation, which Warner estimates could add between $1.33 and $6.86 per share to shareholder returns. Regulatory and Shareholder Pressure Paramount argues it has a clearer path to US regulatory approval than Netflix. The company has also hinted at a potential board challenge if its proposal is rejected. Activist investor Ancora Holdings has criticised Warner\u2019s board for allegedly not engaging sufficiently with Paramount, while other shareholders have warned of possible lawsuits if Netflix ultimately prevails. Warner Bros is scheduled to hold a shareholder vote on the Netflix deal on March 20. Hollywood\u2019s Crown Jewel at Stake Either acquisition would significantly reshape Hollywood\u2019s power structure, handing the winning bidder control of iconic franchises such as Batman, Harry Potter, Game of Thrones, and DC Comics. With both Paramount and Netflix seeing declines in market capitalisation during the bidding process, analysts have questioned whether escalating offers are driven purely by business logic or competitive pressure. Warner Bros and Paramount are expected to report quarterly earnings this week, which could further influence negotiations. \u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
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