Warner Bros Exploration Considers Reopening Takeover Talk with Paramount vs Netflix

Warner Bros Exploration Co (WBD-US) is considering re-opening discussions to sell the company following Paramount Global's Skydance-modified hostile tender, which seeks to upgrade terms and potentially trigger a second bidding round with Netflix. The board has not yet finalized a strategy, with a legally binding agreement still in place with Netflix. Paramount's revised terms include a $2.8B payment to the board if it终止s the Netflix agreement, debt financing guarantees, and a shareholder compensation plan if the deal is not completed by Dec 31. The board is weighing how the terms might pressure Netflix to increase its offer beyond $27.75 per share. Paramount is pursuing a $30 per share tender and has actively lobbied regulators and shareholders. Netflix remains open to further bidding, but its stock has fallen over 40% since June, adding pressure. The board must first notify Netflix of any re-opening, and if Paramount's revised proposal is seen as materially superior, Netflix retains its right to respond with a higher offer. Approximately 42.3 million shares are currently tendered, or less than 2% of the float.