Warner Bros Discovery received a higher bid from Paramount Skydance at $31 per share, intensifying the bidding war for the studio. Paramount increased the termination fee and quarterly payment to shareholders. Netflix may lose its preferred suitor status if a superior deal emerges. Netflix declined to comment on the ongoing battle.

The fight over Warner Bros involves different assets bid on by Netflix and Paramount. Paramount bids $31 per share for the entire company, while Netflix offers $27.75 per share for movie and TV studios, catalog, and HBO Max. Warner plans to spin off its TV division into Discovery Global, potentially increasing shareholder return.

Warner’s quarterly results may reveal more about the cable TV assets’ value. Both Netflix and Paramount stocks have dropped during the bidding war. Analysts predict potential shareholder lawsuits if Netflix wins due to the differences in the bids and assets. The battle for Warner Bros will reshape Hollywood’s power structure.

Netflix has the cash to increase its bid for Warner Bros, while Paramount argues for a clearer path to US regulatory approval. Activist investors pressure Warner Bros to engage more with Paramount. Warner Bros emphasizes its board’s commitment to shareholders. A shareholder vote on the Netflix deal is set for March 20th.

Read more at Yahoo Finance: Warner Bros reopens door to Paramount, putting Netflix deal in doubt