Warner Bros. Discovery says Paramount makes higher bid, board will weigh offer against Netflix deal

Warner Bros. Discovery on Tuesday said it had received a higher takeover offer from Paramount Skydance and will review the new bid under the terms of its existing deal with Netflix.

Last week, WBD announced it would re-engage Paramount in deal talks under a seven-day waiver from Netflix. WBD and Netflix have an agreement to sell the legacy media group’s studio and streaming businesses to the streamer. Paramount is seeking to buy the entirety of WBD.

“Following engagement with PSKY during the seven-day limited waiver period, we received a revised PSKY proposal to acquire WBD, which we are reviewing in consultation with our financial and legal advisors,” WBD said in a statement. “We will update our shareholders following the Board’s review. The Netflix merger agreement remains in effect, and the Board continues to recommend in favor of the Netflix transaction. WBD shareholders are advised not to take any action at this time with respect to the amended PSKY tender offer.”