Warner Bros Discovery (WBD) has confirmed that it has received a revised proposal from Paramount Skydance to acquire all of the outstanding shares of WBD common stock.

The Board issued the following statement:

“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. We will update our shareholders following the Board’s review. The Netflix merger agreement remains in effect, and the Board continues to recommend in favour of the Netflix transaction. WBD shareholders are advised not to take any action at this time with respect to the amended PSKY tender offer.”

The details of Paramount’s revised bid are currently unknown, but it’s believed that Paramount increased its prior $30-per-share offer to around $32 per share. It is now expected that WBD will now go back to Netflix to see if they will match the deal – although Netflix, unlike Paramount, is only seeking to acquire the Warner Bros studio and HBO business, not WBD’s entire business.

Meanwhile, Paramount will report its latest quarterly earnings on February 25th, and WBD will publish theirs on February 26th.

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Categories: Business, Headline, M&A

Tags: netflix, paramount, WBD