Warner Bros. Discovery just turned up the heat on Paramount in one of Hollywood's biggest M&A standoffs. After rejecting Paramount's latest acquisition bid, WBD is giving the David Ellison-led entertainment giant exactly seven days to make its "best and final" proposal. But there's a catch - the company made it crystal clear in a press release that it still favors Netflix's $82.7 billion deal to acquire its studio and streaming assets. The ultimatum sets up a March 20 shareholder vote that could reshape the streaming wars.
Warner Bros. Discovery is playing hardball. The media giant just cracked open the door for Paramount to sweeten its acquisition bid, but the clock is ticking - and loudly. According to a press release issued today, WBD is giving David Ellison's entertainment empire exactly seven days to present its "best and final" offer. The move comes after WBD rejected Paramount's latest bid, even as the company reopens negotiations.
But here's where it gets interesting. WBD's board isn't exactly hiding its preference. The company's directors unanimously recommend that shareholders vote for Netflix's competing $82.7 billion acquisition proposal, signaling where their loyalties lie even as they entertain Paramount's counteroffer. It's a classic auction tactic - keep the bidding war alive while making sure everyone knows who's in the lead.
