Warner Bros Discovery receives revised Paramount Skydance acquisition proposal

Warner Bros. Discovery Inc. (NASDAQ: WBD) confirmed it received a revised acquisition proposal from Paramount Skydance Corporation (NASDAQ: PSKY) to acquire all outstanding shares of WBD common stock, according to a company statement.

The WBD board stated it received the revised proposal following engagement with Paramount Skydance during a seven-day limited waiver period and is reviewing the offer with financial and legal advisors. The board said it will update shareholders following its review.

Warner Bros. Discovery maintains its existing Netflix merger agreement remains in effect, with the board continuing to recommend the Netflix transaction. The company advised shareholders not to take action regarding the amended Paramount Skydance tender offer at this time.

Allen & Company, J.P. Morgan and Evercore serve as financial advisors to Warner Bros. Discovery, while Wachtell Lipton, Rosen & Katz and Debevoise & Plimpton LLP provide legal counsel.

The announcement indicates Warner Bros. Discovery faces competing acquisition proposals, with both Paramount Skydance and Netflix seeking to acquire the media company. Warner Bros. Discovery had previously mailed a definitive proxy statement to stockholders around February 17 regarding the Netflix transaction.

Warner Bros. Discovery operates television, film, streaming and gaming properties including Discovery Channel, HBO Max, CNN, HBO, and Warner Bros. Motion Picture Group among other brands.

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