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WBD Board Considers New Paramount Skydance Offer
16 Feb
Summary
- Warner Bros. Discovery board may re-engage with Paramount Skydance on a revised acquisition offer.
- Paramount Skydance's latest offer includes a premium for shareholders pending deal completion.
- Netflix has the right to match any superior offer before its acquisition of WBD is finalized.
Warner Bros. Discovery's board is reportedly considering renewed engagement with Paramount Skydance regarding a revised offer for the entire company. This comes after an initial $83 billion sale agreement was inked with Netflix in December. Paramount Skydance's newest proposal, their ninth since last year, includes a premium for WBD shareholders for each quarter the Netflix deal completion is delayed past December 31, 2026.
The WBD board has previously rejected Paramount's overtures as insufficient, yet the sale process continues to attract intense scrutiny. If the board re-engages, it could strengthen their demonstration of fulfilling their fiduciary duty. The company is expected to address the Paramount Skydance offer and announce its Q4 2025 earnings report this week.
Netflix holds the right to match any superior offer before its acquisition is finalized. Paramount Skydance aims to acquire all of WBD, including its cable channels, whereas Netflix's offer is specifically for Warner Bros. and HBO Max. Sources suggest the WBD board may be pushing Paramount Skydance to declare their offer as final.
