Topline
Warner Bros. Discovery said Thursday that Paramount Skydance’s acquisition proposal is “superior” to Netflix’s offer, giving the streaming giant four days to counter with a better deal in a battle that will shake up the media and entertainment industry.
Warner Bros. Discovery published its statement about the offer Thursday afternoon.
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Key Facts
Warner Bros. Discovery’s statement said Paramount Skydance’s bid “constitutes a ‘Company Superior Proposal’ as defined in WBD’s merger agreement with Netflix.”
The statement noted Warner Bros. Discovery’s merger agreement with Netflix is still in effect and that the company’s board of directors “continues to recommend in favor of the Netflix transaction”—for now.
This is a developing story. Check back for updates.