Paramount maintained on Tuesday that its tender offer remains on the table while Warner evaluates its latest proposal.
A press contact for Netflix did not immediately respond to a request for comment. Warner shareholders are set to vote on the Netflix proposal on March 20.
If Warner’s board changes course and deems Paramount’s latest offer superior, Netflix would have a chance to match or revise its proposal, potentially setting the stage for a fresh bidding war. It could also choose to walk away.
Paramount, Warner and Netflix have spent the last couple of months in a heated back and forth over who has a stronger deal. But many lawmakers and entertainment trade groups have sounded the alarm along the way, warning that either buyout of all or parts of Warner’s business would only further consolidate power in an industry already run by just a few major players. Critics say that could result in job losses, less diversity in filmmaking and potentially more headaches for consumers who are facing rising costs of streaming subscriptions as is.
Both Paramount and Netflix have argued that their proposals are good for consumers and the wider industry. And the companies have taken aim at each other publicly with regulatory arguments.
