On February 24, Reuters reported that people familiar with the matter said that Paramount Skydance had made a higher acquisition offer to Warner Bros. Discovery in order to block Warner Bros. from reaching a deal with Netflix. Warner Bros. owns Hollywood's hottest properties such as "Harry Potter" and "Game of Thrones." The bidding war intensifies the struggle for dominance in the streaming market.
Paramount
Paramount's new offer is an increase from its original $108.4 billion, or $30 per share, company-wide offer for Warner Bros., and is designed to address Warner Bros.' concerns about the certainty of its financing, people familiar with the matter said.
Reuters could not immediately determine how the offer was modified. Warner Bros. and Paramount declined to comment, and Netflix could not be reached.
Warner Bros.' chosen acquirer, Netflix, has the right to match Paramount's latest offer. Netflix’s previously proposed acquisition plan was US$27.75 per share in cash, for a total price of approximately US$82.7 billion. The acquisition targets included Warner Bros.’s studios and streaming media assets.
Netflix is flush with cash and may raise its bid for Warner Bros. Paramount's bid received financial support from Oracle's billionaire founder Larry Ellison. Paramount CEO David Ellison is Larry Ellison’s son.