Netflix-Warner Bros. Deal: Paramount Seeks WBD Shareholder Support To Counter Amended NFLX Transaction, Extends Tender Offer

Paramount Skydance Corp. (PSKY) has taken steps to challenge the amended deal between Warner Bros. Discovery, Inc. (WBD) and Netflix, Inc. (NFLX), filing preliminary proxy materials with the U.S. Securities and Exchange Commission. 

On Tuesday, Netflix and WBD said they had updated their deal so that WBD would be purchased entirely in cash.

Lucrative Offer

The move aims to convince WBD shareholders to vote against the Netflix transaction at a special meeting, while Paramount also extended its $ 30-per-share cash tender offer until Feb. 20, 2026.

Paramount stated that its offer, which values WBD at roughly $108.4 billion, is more lucrative and certain than the $82.7 billion enterprise value attached to the Netflix agreement.

Paramount Skydance stock inched 0.9% higher in Thursday’s premarket. 

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