Paramount Skydance Corporation has extended the deadline for its hostile tender offer to acquire Warner Bros. Discovery (WBD) by nearly a month, moving the expiration to February 20, 2026. The extension provides additional time for Paramount to persuade WBD shareholders that its $30 per share all-cash offer, valuing the company at $108.4 billion, is superior to a rival deal proposed by Netflix, which currently offers $27.75 per share, representing an enterprise value of $82.7 billion.
As of the original January 21 deadline, only approximately 168.5 million WBD shares—about 6.8% of the company’s outstanding stock—had been tendered. Paramount has also filed preliminary proxy materials with the U.S. Securities and Exchange Commission to solicit shareholder votes against the Netflix transaction and related proposals at a special WBD stockholder meeting.
Paramount argues that the Netflix transaction faces significant regulatory hurdles, particularly in Europe, where Netflix dominates the streaming market and WBD’s HBO Max serves as the only viable international competitor. The company claims that a combination with Netflix could entrench Netflix’s market position, potentially harming consumers, content creators, and theatrical exhibitors. In contrast, Paramount maintains that its acquisition would be pro-competitive, enhancing theatrical film production and expanding content offerings.
The WBD Board recently disclosed additional information in connection with the amended Netflix transaction but, according to Paramount, has withheld key financial details regarding Discovery Global that are critical to shareholders evaluating the deals. Paramount asserts that these omissions make Netflix’s offer materially inferior in both value and certainty.
The extended tender offer and proxy solicitation shows Paramount’s determination to secure shareholder approval and complete the transaction, which it says will maximize value for WBD stockholders while strengthening the company’s competitive position in the entertainment industry.