Warner Bros. Discovery confirms receipt of revised acquisition proposal from Paramount

Warner Bros. Discovery (WBD) said Tuesday it received a revised proposal from Paramount Skydance to acquire all outstanding shares of its common stock.

The company said that the board is reviewing the amended offer in consultation with financial and legal advisers following discussions during a seven-day limited waiver period.

The board will update shareholders after completing the review.

Warner Bros. Discovery also emphasized that its existing merger agreement with Netflix remains in effect, and the board continues to recommend that transaction.

The company advised shareholders not to take action at this time on the amended Paramount Skydance tender offer.

- 7-DAY PERIOD GRANTED TO REVIEW PARAMOUNT'S OFFER

Paramount announced Dec. 8 that it submitted a $30-per-share all-cash offer to acquire all outstanding shares of Warner Bros. Discovery, representing an enterprise value of $108.4 billion.

Paramount's proposal came after Netflix announced that it reached an agreement with WBD. On Dec. 5, 2025, Netflix said it agreed to acquire WBD, including its film and television studios as well as HBO and HBO Max, at an equity value of $72 billion and a total enterprise value of $82.7 billion.

On Dec. 17, WBD's Board of Directors recommended that shareholders reject Paramount's acquisition proposal and support the agreement reached with Netflix.

Paramount subsequently revised its offer on Dec. 22. On Jan. 7, the WBD Board again advised shareholders to reject Paramount's amended proposal.

On Feb. 10, Paramount revised its offer once more, adding new elements and strengthening the bid.

On Feb. 17, Warner Bros. Discovery announced that Netflix granted a waiver for certain restrictions under the merger agreement, allowing the company to engage in discussions with Paramount Skydance during a seven-day period ending Feb. 23 to clarify what it described as its best and final offer.