2026년 2월 18일 · Unknown · financial · 출처 Yahoo Finance
Photographer: Caroline Brehman/Bloomberg
(Bloomberg) -- David Ellison is trying to rewrite the ending to the most dramatic story in Hollywood.
After submitting multiple bids to buy Warner Bros. Discovery Inc., all of which have been rebuffed, the chief executive officer of Paramount Skydance Corp. finally has snagged a seat at the table again and will be able to make a “best and final” offer for the storied film and entertainment company, potentially upsetting a rival deal with Netflix Inc. that’s long been supported by the board.
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Warner Bros. agreed on Tuesday to reopen negotiations with Paramount after the suitor turned in yet another revised proposal last week that sweetened some terms of its offer, and subsequently indicated it would raise its bid by at least $1 a share to $31 if Warner’s board would reengage. It’s the first concrete increase in price since Warner Bros. agreed to sell the majority of its business to Netflix for $27.75 a share in December.
Netflix has granted the board seven days to discuss Paramount’s most recent proposal, according to a statement Tuesday. Paramount called Warner Bros.’s moves “unusual” and said it avoided “making the customary determination” that Paramount’s $30-a-share offer could lead to a superior proposal, which would have given it the right to negotiate without a time deadline.
“Paramount is nonetheless prepared to engage in good faith and constructive discussions,” the company said in a statement.WATCH: Warner Bros. is talking to Paramount Skydance again after the studio sweetened its offer, setting up a showdown with Netflix. Source: Bloomberg
Shares of Warner Bros. rose 2.7% Tuesday in New York. Netflix was little changed while Paramount rose 4.9%.
“Throughout the entire process, our sole focus has been on maximizing value and certainty for WBD shareholders,” Warner Bros. Chief Executive Officer David Zaslav said in the statement. “We are engaging with PSKY now to determine whether they can deliver an actionable, binding proposal that provides superior value and certainty for WBD shareholders through their best and final offer.”
Warner Bros. said the board still unanimously recommends shareholders vote in favor of its binding agreement to sell its namesake studios and HBO Max streaming service to Netflix for $72 billion. Paramount’s all-cash $77.9 billion bid, which is backed by billionaire Larry Ellison, is for the entirety of Warner Bros., including its cable TV channels such as CNN and TNT that are otherwise planned to be spun off under a deal with Netflix. Warner Bros. has scheduled a shareholder vote on the Netflix deal for March 20.
Story Continues
The decision to reengage with Paramount, which confirms Bloomberg’s reporting Sunday, adds another twist in the long drawn-out saga over control of one of Hollywood’s most iconic properties. The fight for Warner Bros., the century-old studio behind films from to and hit TV series like is one of the biggest media deals in years and has the power to reshape the entertainment industry.
Paramount Skydance, which was only formed last August as the result of a combination with Ellison’s Skydance Media, sees the deal as an opportunity to transform itself quickly into a Hollywood powerhouse. A victory for Netflix, meanwhile, would be a crowning achievement for the tech disruptor, making it possibly the most dominant player in entertainment history.
Both deals face significant regulatory hurdles that each bidder is convinced it will overcome more easily than the other.
Under the terms of the waiver granted by Netflix, Warner Bros. can engage with Paramount until Feb. 23. In that time it plans to discuss unresolved “deficiencies” in the latest offer and clarify terms of the proposal, according to the statement. After that negotiating period, if the Warner Bros. board determines that Paramount has put forth a superior proposal, Netflix will have the right to match Paramount’s most recent offer to keep its existing agreement intact.
Paramount has been trying to buy Warner Bros. since September of last year, an effort that resulted in Warner Bros. formally putting itself up for sale. The company increased its bid several times before ultimately losing to Netflix. Three days later, Paramount mounted a hostile tender offer for Warner Bros. at $30 a share and has twice amended its offer since then, each time addressing some concerns but never raising its price.
“While we are confident that our transaction provides superior value and certainty, we recognize the ongoing distraction for WBD stockholders and the broader entertainment industry caused by PSKY’s antics,” Netflix said in a statement. “This does not change the fact that we have the only signed, board-recommended agreement with WBD, and ours is the only certain path to delivering value to WBD’s stockholders.”
Paramount has insisted its deal is better for shareholders and has spent the last couple months wooing regulators and investors.
In Paramount’s most recent proposal, it agreed to cover a $2.8 billion fee owed to Netflix if Warner Bros. terminates its agreement and offered to backstop a Warner Bros. debt refinancing. Paramount also said it will compensate Warner Bros. shareholders if the deal doesn’t close by Dec. 31, underscoring Ellison’s confidence that he can win swift regulatory approval.
On Tuesday, Paramount said it will continue to advance its tender offer, solicit shareholder opposition to the Netflix merger and proceed with its intention to nominate a slate of directors at the upcoming Warner Bros. annual meeting.
Some investors have come out in support of Paramount’s offer. Last week Ancora Holdings Group urged the Warner Bros. board to reject the Netflix deal and recon…