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Ted Sarandos, Greg Peters Fight to Lock in Netflix’s Warner Bros. Discovery Deal

Ted Sarandos and Greg Peters fight to secure Netflix’s $83 billion Warner Bros. Discovery deal as Paramount raises its offer and shareholders weigh risks.

Netflix co-CEOs Ted Sarandos and Greg Peters are mounting a two-front campaign to salvage their $83 billion deal for Warner Bros. Discovery after WBD reopened the door to a rival bid from David Ellison’s Paramount Skydance, escalating what could become the largest media merger of the modern era. Paramount has until Feb. 23 to submit a final offer, while WBD shareholders are scheduled to vote March 20 on whether to approve Netflix’s acquisition.

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The competing bids present different futures for WBD and media consumers. Under Netflix’s agreement, WBD would spin off its cable networks, including CNN, TNT, HGTV and Food Network, into a separate public company called Discovery Global, with existing shareholders retaining ownership of that entity. Netflix would then acquire WBD’s studios, streaming platforms and core entertainment assets, including Warner Bros. Pictures, HBO Max and DC. Paramount Skydance, by contrast, has offered $30 per share in cash to acquire the entire........

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