After weeks of back and forth, the battle for control of the media company Warner Bros. Discovery may be tilting toward Paramount.
Warner Bros. directors are leaning towards opening negotiations with the Ellison-backed company, according to people familiar with the matter.
That would open the door for Paramount to further improve its bid, should Warners’ board meet and formally designate Paramount’s bid “potentially superior” to the rival Netflix offer. The news that Warner is considering opening discussions with David Ellison’s company was first reported by Bloomberg.
Warner Bros. board will likely hold further meetings to formally decide whether to open talks with Paramount, another person said.
Shareholders have been putting significant pressure on Warner to open talks — prompted in part by a public display of dissatisfaction from Pentwater Capital, a big owner. Activist investor Ancora has also amassed a position in Warner Bros., pushing the company to open discussions as well.
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