Warner Bros. Discovery (NASDAQ:WBD) shares edged 1.5% higher on Monday after a media report indicated that Paramount is preparing to submit a revised acquisition proposal valuing the company at $32 per share.
According to Variety, sources familiar with the matter said Paramount Skydance, led by David Ellison, is expected to increase its offer from a prior bid of $30 per share as it competes with Netflix in the race to acquire Warner Bros. Discovery.
The company’s board previously granted Paramount a seven-day window to submit an improved proposal, a process approved with Netflix’s consent. The negotiation period is scheduled to conclude at 11:59 p.m. ET on Feb. 23, following intensive discussions between the parties over the weekend.
Paramount declined to comment on its plans, the report said.