The board of Warner Bros. Discovery said Thursday it has determined that the latest offer from Paramount Skydance is a “superior proposal” to its existing pact with Netflix. The move sets off a four-day clock for Netflix to make a counteroffer to the nearly $83 billion deal that it reached with WBD in early December.
In a statement Thursday, WBD stated, “WBD has notified Netflix of its determination that the PSKY proposal constitutes a “Company Superior Proposal.” Under the terms of the Netflix merger agreement, this notice triggers a four business day period during which Netflix has the right to propose revisions to the Netflix merger agreement so that the PSKY proposal would cease to constitute a “Company Superior Proposal.” Following the conclusion of this period, if the Board determines in good faith, after consultation with its independent financial and legal advisors, that, after considering any revisions to the terms of the Netflix merger agreement proposed by Netflix, the PSKY proposal continues to constitute a “Company Superior Proposal,” WBD would be entitled to terminate the Netflix merger agreement.”
More to come
variety.com
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