Warner Bros. Discovery said Tuesday it will reopen merger discussions with Paramount Skydance, reopening competition with Netflix for a potential deal. The talks follow repeated revisions by Paramount aimed at winning over WBD’s board.
WBD said Netflix granted a limited seven-day waiver, ending February 23, allowing discussions with Paramount while WBD continues to recommend shareholder approval of its Netflix agreement. Netflix retains matching rights under the current deal.
In a regulatory filing, WBD disclosed that Paramount’s adviser indicated a possible offer of $31 per share, above its earlier $30 bid. WBD said it is seeking a binding and final proposal that offers superior value and certainty.
Netflix criticized Paramount’s approach but said it approved the waiver to resolve uncertainty. WBD shareholders are scheduled to vote on the Netflix merger on March 20.
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