Paramount Extends Tender Offer for WBD, Challenges Netflix Merger

Summary

On January 22, 2026, Paramount Skydance Corporation announced the extension of its tender offer for all outstanding shares of Warner Bros. Discovery, Inc. (WBD) to February 20, 2026, at $30 per share. Paramount also filed preliminary proxy materials with the SEC to solicit WBD shareholders to vote against the proposed merger with Netflix, Inc. Paramount argues that its offer is superior to the Netflix transaction, both in value and certainty, and highlights regulatory risks associated with the proposed merger. The tender offer, initially set to expire on January 21, 2026, has seen 168,511,695 shares validly tendered as of January 21, 2026. Paramount urges WBD shareholders to tender their shares for its superior offer.