Paramount Skydance (PSKY) raised its offer to acquire Warner Bros. Discovery (WBD) above its prior $30 per share all-cash bid, Lucas Shaw of Bloomberg reports, citing people familiar with the matter. The new offer addresses some of Warner’s concerns with previous Paramount bids, including greater certainty of financing, sources told Bloomberg. Warner agreed in December to sell its film and TV studios and HBO Max business to Netflix (NFLX) for $27.50 per share. The deal includes a spin off of Warner Bros. cable networks. If Warner’s board deems the new Paramount offer as superior to the current agreement, Netflix will have four days to respond, Bloomberg points out. Shares of Warner Bros. are up 1% to $29.20 in after-hours trading.
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