Warner Bros. Discovery Opens 7-Day Window for Paramount’s $30 Bid, Netflix Eligible to Match
Warner Bros. Discovery reopened takeover talks with Paramount Skydance, granting a seven-day window for a final $30 per share bid that Netflix may match under existing merger terms. Shareholders will vote on Netflix’s $27.75 per share acquisition proposal at a March 20 special meeting.
1. Takeover Talks Reopened
Warner Bros. Discovery has reopened acquisition discussions with Paramount Skydance after rejecting its unsolicited proposal. The board granted Paramount a seven-day window to submit a best and final $30 per share bid, which Netflix is contractually entitled to match under the terms of its $27.75 per share agreement.
2. Shareholder Meeting Scheduled
A special shareholder meeting has been set for March 20, during which investors will vote on Netflix’s all-stock offer to acquire Warner Bros. studio assets and HBO Max at $27.75 per share. Approval is required to complete the spin-off of cable networks that underpins Netflix’s bid.
3. Rival Bids and Regulatory Risks
Paramount’s willingness to raise its offer to $30 per share has intensified the bidding war, while activist Ancora Holdings—holding a $200 million stake—has announced opposition to Netflix’s bid. The Justice Department has also issued a civil subpoena to examine potential anticompetitive practices related to Netflix’s conduct.