Warner Bros. Rejects Paramount’s Latest Offer, Seeks ‘Final Proposal’

In a new development in the ongoing sale of Warner Bros. Discovery, the company has turned down Paramount Skydance’s latest takeover bid. However, Warner Bros. has invited Paramount to submit what it calls a “best and final” proposal within a limited timeframe.

Warner Bros. gives Paramount seven days to submit ‘best and final offer’

Warner Bros. Discovery has formally declined Paramount Skydance’s latest takeover bid. However, it has invited the studio to return with an improved proposal within seven days. The development arrives as the company continues to move forward with its planned merger with Netflix. 

In a statement issued Tuesday, Warner Bros. confirmed that it has rejected Paramount’s $30 per share offer. The board informed Paramount that the proposal had been rejected. However, the company said it would permit Paramount seven days to present a “best and final” offer for consideration.

In a letter to Paramount’s board, Chairman Samuel DiPiazza Jr. and CEO David Zaslav wrote, “Our Board has not determined that your proposal is reasonably likely to result in a transaction that is superior to the Netflix merger.” Warner Bros. further revealed that a senior representative for Paramount Skydance indicated a willingness to increase the bid to $31 per share if discussions were formally authorized. The company noted that the $30 offer did not represent Paramount’s highest proposal. 

Under the terms of the merger agreement, Netflix has the right to match any competing offer. Warner Bros. shareholders are scheduled to vote on the proposed Netflix transaction on March 20, 2026. While Warner Bros. is allowing Paramount an opportunity to improve its offer, the board has reiterated that it remains committed to the Netflix transaction. “We continue to recommend and remain fully committed to our transaction with Netflix,” the company stated.

Previously, Netflix CEO Ted Sarandos stated in a press release that together the two companies “will deliver broader choice and greater value to audiences worldwide, enhancing access to world-class television and film both at home and in theaters.”

Source: Comingsoon.net