Warner Bros. Discovery Secures Seven-Day PSKY Waiver, $31 Offer, March 20 Vote
Warner Bros. Discovery will hold a special shareholder vote on the Netflix merger March 20, 2026, after Netflix granted a seven-day waiver to negotiate with Paramount Skydance. PSKY has offered $31 per share with yet-to-be-final terms, but WBD’s board continues to unanimously recommend Netflix’s transaction.
1. Special Meeting Set for Netflix Merger
Warner Bros. Discovery has scheduled a special meeting of shareholders for March 20, 2026, at 8:00 a.m. Eastern Time to vote on its definitive proxy statement and the proposed merger with Netflix. The mailing of the proxy statement will commence in the coming days to ensure all shareholders can review the transaction details prior to the vote.
2. Netflix Grants Waiver for PSKY Discussions
Under its merger agreement, Netflix granted Warner Bros. Discovery a seven-day waiver through February 23, 2026, permitting discussions with Paramount Skydance to clarify outstanding deficiencies in its proposal. This limited waiver preserves Netflix’s matching rights while allowing WBD to seek clarity and improved terms from PSKY.
3. PSKY's $31 Bid and Outstanding Concerns
A senior PSKY representative indicated that the company would offer $31 per WBD share if discussions proceed, with the promise that this is not its best and final proposal. WBD’s board has outlined several unresolved issues in PSKY’s merger agreement and continues to unanimously recommend the Netflix transaction as offering superior value and certainty.