Reports of Netflix winning the bidding war for Warner Bros seem to have been premature. The legendary movie studio announced today that it would reengage Paramount for a limited one week window in order to get the company’s best and final offer. Not surprisingly, Netflix wasn’t too pleased with the development. Executives released a statement ripping Paramount’s “antics,” though they offered formal approval for the negotiating window as a means to “finally resolve” the ongoing mess.
The back-and-forth is all related to a vote on March 20th. That’s when shareholders of Warner Bros are going to decide whether to accept Netflix’s offer to buy the company. The Board has already approved and recommended the deal and is asking shareholders to vote for it. Paramount executives, however, have very publicly said they’re capable of putting together a more appealing deal for Warner Bros’ shareholders. They feel their offering has more long-term value and also that they have a better shot of getting regulatory approval from the US Government, since politicians have expressed some concerns about whether Netflix and Warner Bros merging is unhealthy for consumers.
