Paramount extends tender offer for Warner Bros Discovery to February

Paramount Skydance Corporation (NASDAQ: PSKY) filed preliminary proxy materials with the Securities and Exchange Commission to solicit Warner Bros. Discovery (NASDAQ: WBD) shareholders to vote against the amended Netflix (NASDAQ: NFLX) merger and extended its $30 per share all-cash tender offer to February 20, 2026.

The company maintains its $108.4 billion enterprise value offer exceeds Netflix's $82.7 billion enterprise value transaction. As of January 21, 2026, 168,511,695 WBD shares had been validly tendered and not withdrawn from the tender offer.

Paramount argues the Netflix transaction would provide WBD shareholders $27.75 per share in cash, potentially less depending on Discovery Global's debt allocation. The company claims if Discovery Global carries debt at 1.25x net twelve months EBITDA, similar to comparable company Versant Media, WBD shareholders could receive approximately $23.20 per share.

The filing states WBD's financial advisors provided discounted cash flow analyses valuing Discovery Global equity as low as $0.72 per share. Paramount previously estimated Discovery Global equity value between $0.00 and $0.50 per share.

Paramount contends the Netflix merger would give Netflix an estimated 43% share of global subscription video on demand subscribers, raising regulatory concerns particularly in Europe where Netflix dominates streaming services and HBO Max serves as its primary international competitor.

The company filed the preliminary proxy materials January 22, 2026, and plans to solicit WBD shareholders at the special meeting regarding the Netflix transaction proposals.

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