Warner Brothers, New York (AP). While the Hollywood behemoth continues to support the studio and streaming agreement it made with Netflix, Discovery is temporarily resuming takeover negotiations with Skydance-owned Paramount in order to hear the company’s “best and final” bid.
Warner said in a regulatory statement on Tuesday that Netflix has granted it permission to resume negotiations with Paramount for the next seven days, or until Monday. According to Warner, this will enable the businesses to talk about outstanding “deficiencies” and “explain certain terms” of Paramount’s most recent bid.
However, Warner’s board continues to urge shareholders to embrace the company’s planned merger with Netflix. A vote on that agreement will now take place at a special meeting on Friday, March 20.
While acknowledging “the ongoing distraction for WBD stockholders and the broader entertainment industry caused by PSKY’s antics,” Netflix said in a statement that it was certain its proposed deal “provides superior value and certainty.” Warner was given a seven-day waiver to “finally resolve this matter,” according to the streaming behemoth.
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