Overview
- Paramount Skydance has until Feb. 23 to deliver a best-and-final bid after Netflix granted Warner Bros. Discovery a limited seven-day waiver.
- WBD disclosed that a Paramount representative indicated willingness to raise its all-cash offer to $31 per share, above the current $30 tender.
- The board still unanimously backs the Netflix transaction and has set a March 20 special meeting for shareholders to vote on that deal.
- Under the merger agreement, Netflix retains the right to match any superior proposal that WBD might accept following the renewed talks.
- Paramount’s revised bid includes paying the $2.8 billion break fee to Netflix, a 25¢ per-share quarterly ticking fee if closing slips past 2026, and extensive equity and debt financing commitments, while both sides continue to face active U.S. and European regulatory reviews and fewer than 2% of WBD shares have been tendered to Paramount.