A significant investor in Warner Bros. Discovery, Harris Associates, has signaled they might be willing to support a

revised takeover proposal from Paramount Skydance. This hinges on Paramount Skydance improving the financial terms and

addressing structural concerns within the deal.

Alex Fitch, a portfolio manager at Harris Associates, which holds approximately 3.9% of Warner Bros. Discovery, told

Reuters on Thursday that the firm is open to a new offer. This follows Warner Bros. Discovery's rejection earlier in the

week of Paramount Skydance’s $108.4 billion bid, which the board deemed lacking in credibility due to financing worries

and alleged shareholder misrepresentation.

Fitch noted that while the offers from both Paramount Skydance and Netflix are broadly similar in terms of overall

value, Netflix's proposal currently appears more attractive due to its stronger deal terms.

"As things stand today, we think the Netflix and Paramount offers are comparable on value but that the Netflix offer is

superior on deal terms," Fitch stated, adding that the issues identified with Paramount's proposal appear solvable.

According to Fitch, an improved bid featuring clearer financing and more favorable conditions for shareholders could

potentially sway investor sentiment. He stated, "If Paramount decides to come forward with superior financial

consideration and properly addresses the issues with deal terms, we would be very open to a revised Paramount offer,"

placing the onus on Paramount to make the next move.

This situation highlights the intense competition for Warner Bros. Discovery's assets, which include its film and

television studios, the HBO Max streaming platform, and valuable intellectual property like the Harry Potter franchise.

Ultimately, whether Paramount Skydance can successfully acquire Warner Bros. Discovery's assets may depend on their

ability to refine their offer and alleviate the skepticism surrounding their initial proposal, especially as other

bidders circle and major shareholders carefully assess both valuation and execution risks.