Netflix (NASDAQ:NFLX) appears to be gaining traction with Warner Bros Discovery (NASDAQ:WBD) shareholders for its $82.7 billion proposal to acquire the group’s film and television studios, according to a report published by the Financial Times on Thursday.
Netflix co-chief executive Greg Peters told the newspaper that support for a rival approach from Paramount (NASDAQ:PSKY) remains limited, noting that only a “very small” portion of Warner Bros Discovery shares had been tendered in favor of Paramount’s competing hostile bid.
Paramount has put forward a higher, $108 billion offer for the entire Warner Bros Discovery group. However, Peters played down the credibility of that proposal, saying it “doesn’t pass the sniff test,” the Financial Times reported.
Unlike Paramount’s approach, Netflix’s bid is narrowly focused on acquiring Warner Bros Discovery’s film and television studio assets rather than the full company, reflecting a more targeted strategic play despite the lower headline valuation.