economy
Warner Bros Gives Paramount Seven Days to Make ‘Best and Final’ Offer
Waiver from Netflix Allows Film Company to Engage with Rival Bidder if it Could Lead to a ‘Reasonably Superior Offer’
TL;DR
- Warner Bros Discovery (WBD) has reopened talks with Paramount Skydance, setting a seven-day deadline for their best and final offer.
- WBD currently has a binding agreement with Netflix but obtained a waiver to consider Paramount's bid.
- Paramount's offer has been sweetened, including covering a $2.8 billion fee to Netflix and backstopping refinancing.
- Netflix has the right to improve its bid if Paramount makes a superior offer.
- Paramount is also seeking to replace WBD's board members to advance its takeover attempt.
- WBD has set March 20th for shareholders to vote on the Netflix takeover deal.