Warner Bros. Discovery said Thursday it's valued Paramount Skydance's latest takeover offer as superior to a deal with Netflix, another twist in the ongoing battle for the legacy media assets.
Netflix will have four business days to make changes to its own proposal, the WBD board said in a statement.
Earlier this week, Paramount raised its offer to $31 per share, up from $30 per share, all cash. It was the latest amendment to Paramount's multiple offers in recent months â and since moving forward with a hostile bid to buy the company.
Warner Bros. Discovery agreed in December to sell its studio and streaming businesses to Netflix for $27.75 per share, which values the assets at roughly $72 billion. The deal has a total enterprise value of approximately $82.7 billion.
Last week, Netflix granted WBD a 7-day waiver to re-engage with Paramount, resulting in the higher bid.
Paramount's offer is for the entirety of WBD, including its pay TV networks, such as CNN, TBS and TNT.
A Netflix spokesperson didn't immediately respond to a request for comment on Thursday.
