Warner Bros gets a new offer from Paramount in heated bidding war for the storied Hollywood studio

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NEW YORK (AP) — Warner Bros. Discovery says it's reviewing a new takeover offer from Paramount but it continues to recommend a competing offer from Netflix to its shareholders.

Warner disclosed Tuesday that it had received a revised proposal after a seven-day window to renew talks with Paramount elapsed on Monday.

Skydance-owned Paramount confirmed that it had submitted a revised proposal, but did not provide further details on the latest bid. The company was widely expected to have raised its offer price.

A Warner Bros. Discovery buyout would reshape Hollywood and the wider media landscape — bringing HBO Max, cult-favorite titles like “Harry Potter” and, depending on who wins the Netflix v. Paramount tug-a-war, potentially even CNN under a new roof.

Paramount wants to acquire Warner Bros. in its entirety — including networks like CNN and Discovery — and went straight to shareholders with an all-cash, $77.9 billion hostile offer just days after the Netflix deal was announced. Accounting for debt, it previously offered Warner stakeholders $30 per share, amounting to an enterprise value of around $108 billion.

Netflix only wants to buy Warner’s studio and streaming business for $72 billion, or about $83 billion including debt.