Warner Bros. Discovery Sets March 20 Vote, Opens Talks with Paramount Skydance Over $31 Netflix Bid
Warner Bros. Discovery schedules a March 20, 2026 shareholder vote to approve its Netflix merger and unanimously recommends a “FOR” vote while granting a seven-day waiver to negotiate with Paramount Skydance over its potential $31-per-share offer. Netflix retains matching rights under the merger agreement.
1. Special Meeting Scheduled and Board Endorsement
Warner Bros. Discovery has set a special shareholder meeting for March 20, 2026 at 8:00 a.m. Eastern Time to vote on its merger agreement with Netflix and is sending definitive proxy materials ahead of that date. The WBD Board of Directors continues to unanimously recommend that shareholders vote in favor of the Netflix transaction, citing superior value and certainty.
2. Seven-Day Waiver to Engage with Paramount Skydance
Under the terms of the existing merger agreement, Netflix granted WBD a limited seven-day waiver through February 23, 2026 to engage with Paramount Skydance over unresolved deficiencies in its proposal. During this period, WBD will clarify key issues and confirm terms as PSKY has indicated willingness to increase its bid above $31 per share, with Netflix retaining its right to match any improved offer.
3. Potential Impact on Netflix and Merger Timeline
The ongoing negotiations and potential competing bid may introduce volatility into Netflix’s share price as investors assess the likelihood of a higher offer and approval risks. The special meeting date ensures a clear timeline for shareholder decision, but further engagement with PSKY could extend uncertainty until late February.