Overview
- WBD will negotiate with Paramount through Feb. 23 to solicit a best-and-final proposal while continuing to recommend Netflix’s offer.
- Netflix agreed to a brief waiver to allow the discussions, and WBD set a March 20 shareholder meeting to vote on the Netflix transaction.
- Paramount’s $30-per-share bid includes a 25-cent-per-share quarterly delay premium starting in 2027, coverage of a potential $2.8 billion payment to Netflix, and about $1.5 billion in debt-restructuring costs.
- WBD says a Paramount representative orally indicated willingness to raise the price to $31 per share if talks proceed, and both bidders have signaled they could further enhance terms.
- The proposals differ sharply: Netflix offers $27.75 per share in cash for studio and streaming assets, while Paramount seeks the entire company including CNN and TNT; WBD says no final decision has been made.