WBD Confirms Receipt of Revised Paramount Offer

Warner Bros. Discovery has confirmed that it has received a revised offer from Paramount to acquire all of the outstanding shares of WBD common stock.

“Following engagement with PSKY during the seven-day limited waiver period, we received a revised PSKY proposal to acquire WBD, which we are reviewing in consultation with our financial and legal advisors,” the WBD board said in a statement. “We will update our shareholders following the Board’s review. The Netflix merger agreement remains in effect, and the Board continues to recommend in favor of the Netflix transaction. WBD shareholders are advised not to take any action at this time with respect to the amended PSKY tender offer.”

If WBD determines the new Paramount offer is superior, Netflix will have four days to improve its bid.