Warner Bros Discovery has announced the opening of negotiations with Paramount, establishing a seven-day deadline for receiving a bid amidst competition with Netflix for a potential acquisition. In a statement, Warner indicated that Paramount's proposal will be considered 'final', and emphasized that their current preference lies with Netflix, which is already engaged in a massive deal valuing $82.7 billion for the purchase of the studio and all HBO assets.

Shareholders are set to convene for an extraordinary general meeting on March 20, where they will vote on which acquisition proposal to accept. The competition has become intense, particularly after Warner unanimously rejected Paramount's initial offer of $108.4 billion to acquire the entire conglomerate, including its extensive portfolio of television channels. The stakes are high as each side tries to position itself favorably in the revealing landscape of media consolidation.

The negotiations highlight the ongoing struggle for dominance in the entertainment industry, particularly in light of the rapid shifts towards streaming services. The potential deal would drastically reshape market dynamics, with Warner looking to retain control over major news and entertainment outlets like CNN while navigating the financial pressures and strategic interests of the involved parties.