Warner Bros. Discovery‘s board of directors says that Paramount‘s latest offer to buy the company is “superior” to the Netflix deal, kicking off a four-day window for the streaming giant to modify its deal if it wants to keep its bid for Warners alive.
“WBD has notified Netflix of its determination that the PSKY proposal constitutes a ‘Company Superior Proposal.’ Under the terms of the Netflix merger agreement, this notice triggers a four business day period during which Netflix has the right to propose revisions to the Netflix merger agreement so that the PSKY proposal would cease to constitute a ‘Company Superior Proposal,’” WBD’s board said in a statement. “Following the conclusion of this period, if the Board determines in good faith, after consultation with its independent financial and legal advisors, that, after considering any revisions to the terms of the Netflix merger agreement proposed by Netflix, the PSKY proposal continues to constitute a ‘Company Superior Proposal,’ WBD would be entitled to terminate the Netflix merger agreement.”
More to come.