Warner Bros. Discovery (WBD) board wants Paramount Skydance (PSKY) to raise its offer to around $30 share, according to an Axios report on Tuesday, which cited a person familiar with the matter. Warner Bros. shares rose 1% in after-hours trading.
Paramount (PSKY), Comcast (CMCSA) and Netflix (NFLX) are all expected to make formal bids for Warner Bros. Discovery (WBD) ahead of a Thursday deadline for first-round bids, according to multiple media reports, including Axios. Paramount is the only bidder that’s expected to make an offer for the entire company.
The Warner Bros. board wants Paramount (PSKY) to raise its offer to $30 a share, up from its last bid of $23.50, which was rejected by the WBD board, according to the Axios report.
Warner Bros., Comcast and Paramount didn’t comment to Axios. Netflix didn’t immediately respond to a request for comment.
Warner Bros. (WBD) announced last month that it was undertaking a strategic review of its assets, citing multiple unsolicited interests for both the entire company and just its studio and streaming operations.
Earlier this month, CNBC reported that Warner Bros. Discovery (WBD) has set a deadline of Christmas to decide on a split or sale.