Warner Bros rejects Paramount’s revised offer, but gives studio a week to negotiate better deal

Warner Bros Discovery has rejected Paramount Skydance’s latest $30-a-share hostile takeover bid, but is giving the Hollywood studio seven days to see if it can come up with a better deal to buy the owner of HBO Max and the “Harry Potter” franchise, Warner Bros said on Tuesday.

Paramount informally broached an even higher share price, $31 a share, Warner Bros said, apparently enticing the board to the table.

The rival bidder has until February 23 to submit its “best and final offer,” which Netflix is allowed to match under the terms of the merger agreement, Warner Bros said.