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Paramount's $31 Offer Tops Netflix Deal for WBD
27 Feb
Summary
- Paramount's $31 cash offer for WBD declared superior.
- WBD board unanimously affirmed Paramount's bid.
- Paramount deal awaits termination of Netflix merger.
Paramount Skydance Corporation announced that Warner Bros. Discovery's (WBD) board has declared Paramount's $31 per share, all-cash acquisition proposal a "Company Superior Proposal." This designation positions Paramount's offer above WBD's existing merger agreement with Netflix, Inc. The WBD board unanimously affirmed the superior value, certainty, and speed of Paramount's offer.
Paramount's proposed transaction is contingent on the expiration of a four-business-day match period, the termination of the Netflix merger agreement, and the execution of a definitive merger agreement between Paramount and WBD. The Hart-Scott-Rodino Antitrust Improvements Act waiting period for Paramount's acquisition of WBD expired on February 19, 2026.
Paramount has engaged Centerview Partners LLC and RedBird Advisors as lead financial advisors, with Bank of America Securities, Citi, M. Klein & Company, and LionTree also serving as financial advisors. Legal counsel includes Cravath, Swaine & Moore LLP and Latham & Watkins LLP.
