Warner Bros. Discovery (NASDAQ:WBD) has turned down a revised hostile takeover proposal of $30 per share from Paramount Skydance (NASDAQ:PSKY), though it has granted the bidder a one-week window to return with a stronger offer, the company said Tuesday.
In a statement, Warner Bros disclosed that Paramount had also floated, on an informal basis, a potential price of $31 per share — a figure that appears to have prompted the board to consider further discussions.
The competing suitor now has until February 23 to deliver its “best and final offer,” Warner Bros noted. Under the existing merger agreement, Netflix (NASDAQ:NFLX) retains the right to match any competing bid.
The latest development adds another twist to the battle over Warner Bros’ storied film and television studio, including its extensive catalog of movies and TV content.
Warner Brothers Discovery stock price