Paramount submits higher offer for Warner Bros Discovery in bid to block Netflix, source says

Paramount Skydance submitted a higher offer for Warner Bros Discovery, a source familiar with the matter told Reuters on Monday, ratcheting up efforts to derail the HBO Max owner’s deal with Netflix.

The bidding war for one of Hollywood’s most coveted assets, including the “Harry Potter” and “Game of Thrones” franchises, has raised the stakes for dominance in the streaming-led market.

Paramount’s new bid — which improves its initial offer of $108.4 billion, or $30 per share, for the whole company — seeks to address Warner Bros’ concerns about the certainty of its financing, the source said.