Warner Bros. Discovery's board says Paramount's latest offer is better than Netflix's
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- Warner Bros. Discovery's board said it thinks Paramount's latest offer is better than Netflix's.
- Paramount raised its bid on Tuesday to $31 per share for all of WBD.
- Netflix must decide whether it's willing to offer more for the Warner Bros. studio and HBO assets.
Paramount Skydance may finally have the upper hand on Netflix in the bidding war for Warner Bros. Discovery.
The WBD board announced on Thursday afternoon that it believes Paramount's offer to buy the entire company for $31 per share is better than Netflix's proposal to buy its streaming and studio assets for $27.75 per share. Both offers are all cash.
Netflix now has four business days to raise its bid, if it chooses. It could also decide to walk away and collect a $2.8 billion breakup fee from WBD, which Paramount has said it will cover.
WBD shareholders will vote to approve the Paramount transaction on March 20.
This story is developing and will be updated.