Paramount Begins Proxy Fight for WBD, Extends Tender Offer

Paramount Skydance Corporation has filed preliminary proxy materials with the SEC and extended its deadline for Warner Bros. Discovery shareholders to tender their shares to the company from January 21 to February 20.

This move comes several days after Netflix amended its offer for Warner Bros. to be an all-cash transaction.

While Paramount is offering a $30-per-share all-cash tender, Netflix is offering an all-cash transaction valued at $27.75 per share. Paramount claims that WBD shareholders will receive less than that “if WBD is unsuccessful in putting $17 billion in debt on Discovery Global (assuming the separation occurs as of June 30, 2026).”

Paramount claims that Netflix’s regulator path “is particularly challenged in Europe” and that the transaction “would materially entrench Netflix’s market dominance, giving it an estimated 43 percent share of global SVOD subscribers, leading to higher prices for consumers, reduced compensation for content creators and talent and significant harm to American and international theatrical exhibitors.”

Paramount continues to declare that its offer remains superior on value and certainty.