Board considering whether to re-engage in move that could prompt a second bidding war with Netflix
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Warner Bros Discovery (WBD) is reportedly weighing reopening sales talks with Paramount Skydance, in a move that could spark a fresh bidding war with Netflix for the Hollywood film and TV company.
Members of the board of WBD are discussing whether to re-engage with Paramount, which is pursuing a hostile $108.4bn (£76.8bn) cash takeover directly with shareholders in a bid to derail an agreed deal with Netflix, according to Bloomberg.
Paramount said last week that it would cover a $2.8bn fee owed to Netflix if WBD pulled out of its agreement and is offering to backstop a multibillion-dollar refinancing to eliminate $1.5bn in costs. It has also added a “ticking fee” amounting to about $650m in cash each quarter if the deal is not closed by the end of the year.
