Warner Bros. Discovery is reconsidering whether to reopen talks with Paramount Skydance after receiving a revised takeover proposal, according to people familiar with the matter, reports Bloomberg. The board has not made a decision and could still move forward with its existing agreement to sell to Netflix.
The studio previously agreed to sell its namesake film division and HBO Max streaming business to Netflix Inc. for $27.75 per share. That deal is moving toward a shareholder vote. However, Paramount has been pressing its case directly to investors with a $30-per-share tender offer while lobbying regulators to approve a competing transaction.
Paramount’s latest amended proposal includes new financial assurances. The company has offered to cover the $2.8 billion termination fee Warner Bros. would owe Netflix if it walks away from that agreement. It is also proposing to backstop a debt refinancing and compensate shareholders if the deal fails to close by Dec. 31.
