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Warner Bros. Deems Paramount's $111 Billion Offer A 'Superior Deal', Gives Netflix 4 Days To Respond
(MENAFN- AsiaNet News)
Warner Bros. Discovery said on Thursday that Paramount's $111 billion or $31-a-share offer to buy the company constitutes a“superior deal” to the one it signed with Netflix in December.
WBD said it has notified Netflix of its decision that the Paramount proposal constitutes a“Company Superior Proposal.” As per the terms of the Netflix merger agreement, it triggers a four business day period during which Netflix can match or counter Paramount's offer.
The company said that the Netflix merger agreement remains in effect, and the Board continues to recommend in favor of the Netflix transaction and has not withdrawn or modified its recommendation.
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