Overview
- Netflix revised its proposal to a 100% cash offer of $27.75 per WBD share for Warner Bros. studios and HBO Max, a deal unanimously approved by both boards with WBD continuing to recommend it.
- The transaction excludes cable networks, which WBD plans to spin off into a separate public company called Discovery Global, allowing current shareholders to retain that interest.
- Paramount Skydance maintained a higher all-cash offer for the entire company at about $30 per share and extended its tender deadline to February 20 after a Delaware judge declined to accelerate its disclosure case.
- The companies are working toward a WBD shareholder vote in April 2026, with closing contingent on the Discovery Global separation and regulatory approvals that could take 12 to 18 months.
- Netflix said it will finance the purchase with available cash, credit lines and committed financing, and its shares have been volatile following earnings and uncertainty around the deal.