Paramount & Netflix Make New Moves in War for Warner Bros.

Paramount and Netflix announced their latest movies in their pursuit of Warner Bros.

David Ellison and the Paramount Skydance Corporation are not going down without a fight. On Thursday, Paramount announced that it has filed preliminary proxy materials with the SEC, urging WBD shareholders to vote against the Netflix transaction. Paramount has extended the deadline for its $30-per-share all-cash offer for Warner Bros. Discovery to February 20, 2026.

Per Paramount’s press release, the company is “reaffirming its commitment to a transaction with WBD at a $108.4 billion enterprise value that is significantly greater and far more certain than the purported $82.7 billion enterprise value of the Netflix transaction.”

Paramount is asking WBD shareholders to register their preference for its “superior offer” with the WBD Board of Directors by tendering their shares.

What is Netflix’s latest move in its pursuit of Warner Bros.?

Earlier this week, Netflix adjusted its deal for Warner Bros. to an all-cash offer at $27.75 per share. With the all-cash offer, Netflix believes that it will provide “greater value certainty” and a “faster path to stockholder vote.” Netflix’s latest offer is expected to be voted on by WBD stockholders by April 2026. WBD has filed its preliminary proxy statement with the SEC.

“Our revised all-cash agreement will enable an expedited timeline to a stockholder vote and provide greater financial certainty at $27.75 per share in cash, plus the value from the planned separation of Discovery Global,” said co-CEO of Netflix Ted Sarandos in a press release.” Together, Netflix and Warner Bros. will deliver broader choice and greater value to audiences worldwide, enhancing access to world-class television and film both at home and in theaters. The acquisition will also significantly expand U.S. production capacity and investment in original programming, driving job creation and long-term industry growth.”

Last month, Netflix signed its original agreement to acquire Warner Bros. for a total enterprise value of $82.7 billion. Pending shareholder approval and regulatory clearances, the deal could close in 12 to 18 months.

Source: Comingsoon.net