Paramount submits higher offer for Warner Bros. [View all]
Source: msn/Bloomberg
11h
(Bloomberg) -- Paramount Skydance Corp. raised its offer to buy Warner Bros. Discovery Inc., extending the long-running battle for one of Hollywood’s iconic studios, according to people familiar with the matter.
The new, unspecified bid improves on the $30-a-share, all-cash proposal that Paramount took directly to Warner Bros. shareholders on Dec. 8 and addresses some of the company’s concerns with previous Paramount bids, according to the people, who asked to not be identified because the details aren’t public. Those concerns include greater certainty of Paramount financing.
The media giant agreed in December to sell its film and TV studios and HBO business to Netflix Inc. for $27.75 a share. That deal involves a spinoff of Warner Bros. cable networks like CNN and TNT.
Warner Bros. reopened talks with Paramount for a seven-day period ending Monday. If the Warner Bros. board deems the new Paramount offer as superior to the current agreement, Netflix will have four days to respond.
Read more: https://www.msn.com/en-ph/money/companies/paramount-submits-higher-offer-for-warner-bros/ar-AA1WVe8l
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