Warner Bros Discovery Sets March 20 Vote, Eyes Paramount’s $31 Takeover Bid
Warner Bros. Discovery scheduled a March 20 shareholder vote on its $21.23–$27.75 sliding-scale Netflix merger and is mailing proxy materials. The company received a seven-day waiver to engage Paramount Skydance through February 23 for a “best and final” offer, with Paramount indicating potential $31 per share terms.
1. Special Shareholder Meeting Scheduled
Warner Bros. Discovery set a special meeting for March 20, 2026 at 8:00 a.m. ET to vote on its sliding-scale merger with Netflix valued between $21.23 and $27.75 per share, and has begun mailing definitive proxy materials to shareholders.
2. Limited Waiver Enables Paramount Talks
Netflix granted a seven-day waiver through February 23, allowing Warner Bros. Discovery to engage Paramount Skydance in discussions to clarify outstanding issues and invite a “best and final” takeover proposal.
3. Valuation Gap and Board Recommendation
Paramount Skydance indicated willingness to pay $31 per share if talks proceed, but Warner Bros. Discovery’s board has not deemed that proposal superior and continues to unanimously recommend approval of the Netflix transaction for greater certainty and value.