Netflix Rejects Paramount Bid as Warner Battle Intensifies, CEO Says

Netflix (NFLX) co-CEO Greg Peters said the company is nearing shareholder approval for its $82.7 billion offer to acquire Warner Bros Discovery (WBD), dismissing Paramount (PSKY)’s rival $108 billion bid as unviable. In an interview with the Financial Times, Peters noted only a small fraction of WBD shares had been tendered in support of Paramount’s hostile offer, which was partly financed with $55 billion in debt. Peters emphasized Netflix’s revised all-cash offer provides greater deal certainty compared to Paramount’s equity-heavy proposal, personally backed by Oracle co-founder Larry Ellison. The Warner Bros board earlier rejected Paramount’s amended bid, which included $40 billion in equity guaranteed by Ellison. Paramount extended its deadline for the hostile offer to February 20 after Netflix increased its cash offer to expedite closure and reassure investors concerned about its previous stock-and-cash structure. (Reporting by Disha Mishra; Editing by Nivedita Bhattacharjee)