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Warner Bros. Discovery restarts takeover talks with Paramount Skydance

By
Alain Sherter
Senior Managing Editor, MoneyWatch
Alain Sherter is a senior managing editor with CBS News. He covers business, economics, money and workplace issues for CBS MoneyWatch.
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Alain Sherter

/ CBS News

Warner Bros. Discovery said on Tuesday that it will resume acquisition talks with Paramount Skydance after Netflix, which last year agreed to buy the entertainment company, gave Warner seven days to explore a new offer. 

Warner Bros. Discovery said in a news that it would engage with Paramount Skydance (the parent company of CBS News) to discuss the company's $30 per share bid and clarify terms of the deal. 

Warner Bros. Discovery also said that a "senior representative" for Paramount Skydance had informed a member of Warner's board of directors that it would raise its bid to $31 per share and potentially discuss further enhancing its offer. 

Paramount Skydance has said its bid for Warner Bros. Discovery is financially superior to Netflix's $27.75 per share offer and that it is more likely to receive approval from federal antitrust regulators. 

Under the Netflix deal, the streaming giant would acquire Warner Bros. Discovery's movie studio, whose films include the "Harry Potter" franchise, "The Matrix" and "Casablanca," and its streaming assets. Paramount has proposed buying all of Warner Bros. Discovery, including its CNN, TBS, TNT and other cable TV properties. 

 "Every step of the way, we have provided [Paramount Skydance] with clear direction on the deficiencies in their offers and opportunities to address them," Warner Bros. Discovery CEO David Zaslav said in a statement. "We are engaging with [Paramount Skydance] now to determine whether they can deliver an actionable, binding proposal that provides superior value and certainty for WBD shareholders through their best and final offer." 

Netflix said Warner Bros. Discovery has until Feb. 23 to negotiate a possible deal with Paramount Skydance.

Warner Bros. Discovery said its board of directors is still advising investors to vote in favor of its deal with Netflix. Shareholders are scheduled to vote on the Netflix bid on March 20.

In a media  on Tuesday, Netflix expressed confidence that its offer would pass muster with antitrust enforcers and said the acquisition would benefit consumers. 

"A combined Netflix and Warner Bros. will strengthen the entertainment industry, preserve choice and value for consumers and give creators more opportunities. 

Media representatives for Paramount Skydance didn't immediately respond to a request for comment. 

In early trading, Warner Bros. Discovery shares rose 63 cents, or 2.2%, to $28.61. Paramount Skydance's stock climbed 6.4%, and Netflix dipped 1.6%.

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