Warner Bros. has given Paramount a week to make a "best and final" takeover offer
After the Warner Bros. board of directors rejected Paramount twice in the past three months in favor of the Netflix deal
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Warner Bros. Discovery (WBD) said it will resume deal talks with Paramount Skydance as part of a seven-day agreement with Netflix that seeks to explore "deficiencies" in Paramount's offer to buy all of WBD, the company said in a release.
"Netflix has granted WBD a partial release pursuant to the terms of the WBD-Netflix merger agreement," the company indicated. As part of the release, the studio will have seven days, until February 23, to negotiate with Paramount Skydance and "clarify the situation for WBD shareholders. Paramount will also have "the opportunity to make its best and final offer," the Warner Bros. release noted.
Amid the news, Warner Bros. shares are up nearly 3% on the premarket, Paramount Skydance is also up 2.7%, and Netflix is up 0.6%.
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