Warner Bros Discovery’s (WBD.O), board could announce a decision as early as Wednesday on Paramount Skydance’s (PSKY.O), $108.4 billion takeover bid, with the board likely to advise shareholders to vote against the offer, according to sources familiar with the matter.
The decision to recommit to Netflix’s (NFLX.O), buyout offer would mark the latest twist in the race for assets that include Warner Bros’ storied film and TV studio, and its extensive film and television library, whose portfolio includes classics ranging from “Casablanca” and “Citizen Kane” to contemporary favorites like “Harry Potter” and “Friends”. Warner Bros owns the HBO Max streaming service.
A Warner Bros Discovery spokesman declined to comment.
Shares of the company were down 1.3% in premarket trading on Wednesday, while Netflix gained 1.8% and Paramount fell 0.7%.
The winner will gain a big advantage in the streaming wars by locking up a deep content library that has long been an acquisition target.
Netflix earlier this month emerged victorious with a $27 cash-and-stock bid for Warner Bros’ non-cable assets.
Paramount CEO David Ellison then went directly to Warner Bros’ shareholders with a $30-a-share, all-cash bid for the whole company.
