Netflix (NFLX) is the leading bidder for Warner Bros. Discovery (WBD), according to a CNBC report. Shares of Netflix edged lower by 0.7%. Warner Bros. fell 1.8%.
Netflix (NFLX) is bidding 85% in cash and 15% in stock for Warner Bros. Discovery, (WBD) CNBC’s David Faber said.
The bidding for Warner Bros. (WBD) is likely to end early next week, according to Faber. Netflix is competing with Paramount Skydance (PSKY) and Comcast for the entertainment giant.
Bloomberg reported late Wednesday that Paramount Skydance (PSKY) has more than doubled the proposed breakup fee in its offer to acquire Warner Bros. Discovery (WBD) to $5 billion, as part of a sweetened proposal designed to outshine rival bids.