Warner Bros. is headed back into buyout talks with Paramount, despite already agreeing to a sale with Netflix — a move that the streaming giant has begrudgingly agreed to while issuing an irritated-sounding statement.
Slamming Paramount’s continued “antics” to try and disrupt its own plans to buy Warner Bros., the streamer has still said Warner Bros. can take seven days to examine a rival bid, as the drama around the sale drags on.
Netflix and Paramount have been scrapping over who gets to gobble up Warner Bros. for months, with the prize of owning the rights to Game of Thrones, Harry Potter, James Gunn’s DC Universe and a vast vault of other TV and movie properties at stake.
Warner Bros. execs had previously agreed a sale to Netflix (albeit one that’s still subject to regulator approval), though Paramount has continued to pursue its own deal regardless, courting shareholders with extra cash and agreeing to cover the $2.8 billion breakup free that Warner Bros. will now have to pay Netflix if it did ultimately walk away.
Now, Paramount has contacted Warner Bros. again, this time to say it would raise its $30-per-share offer, in a bid to beat out Netflix once and for all.
“On February 11th, a senior representative of your financial advisor communicated orally to a member of our Board that PSKY [Paramount] would agree to pay $31 per WBD share if we engage with you, and that $31 is not PSKY’s best and final proposal,” read a letter to Paramount from Warner Bros. released today via Deadline.
“We are writing to inform you that Netflix has agreed to provide WBD [Warner Bros. Discovery] a waiver of certain terms of the Netflix merger agreement to permit us, through February 23, to engage with PSKY to clarify your proposal, which we understand will include a WBD per share price higher than $31. We seek your best and final proposal.”
Warner Bros.’ board goes on to state that it remains “fully committed” to its existing deal with Netflix, and has set a final date to agree its deal with its own shareholders on March 20. And yet the company clearly feels compelled to hear Paramount out — for what now surely must be its final offer.
Why is Warner Bros. re-opening the deal? Well, money talks — for both its own board and its shareholders. And, of course, it would be in Warner Bros.’ best interests to extract the best possible offer from Paramount — so that Netflix is placed into a position where it then has to increase its own offer to beat it.
“Throughout the robust and highly competitive strategic review process, Netflix has consistently taken a constructive, responsive approach with WBD, in stark contrast to Paramount Skydance,” the streamer said in its own statement on the development, again published by Deadline.
“While we are confident that our transaction provides superior value and certainty, we recognize the ongoing distraction for WBD stockholders and the broader entertainment industry caused by PSKY’s antics. Accordingly, we granted WBD a narrow seven-day waiver of certain obligations under our merger agreement to allow them to engage with PSKY to fully and finally resolve this matter.”
Netflix boss Ted Sarandos previously struck a confident tone when asked about the deal’s chance of success. “We’re highly confident in the regulatory process,” he said during a recent investor call. “This deal is pro-consumer, pro-innovation, pro-worker, it’s pro-creator, it’s pro-growth.” As part of the same call, Sarandos said Netflix would continue to release Warner Bros. movies in theaters for now, though expected theatrical release windows to shorten over time to become “more user friendly.” More recently, Sarandos committed to a 45-day window for theatrical movie releases once the deal goes through.
One report has claimed Netflix is particularly keen to obtain Warner Bros.’ vast content library as the streamer ramps up its potential to offer AI-generation tools and content in the future.
Image credit: Vincent Feuray / Hans Lucas / AFP via Getty Images.
Tom Phillips is IGN’s News Editor. You can reach Tom at [email protected] or find him on Bluesky @tomphillipseg.bsky.social
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