Paramount revises bid to acquire Warner Bros. Discovery
Paramount Skydance Corporation has submitted a revised proposal to the Board of Directors of Warner Bros. Discovery, Inc. to acquire the company.
The submission follows a period of engagement after WBD received a seven-day waiver under its merger agreement with Netflix, Inc., allowing it to discuss terms with Paramount.
Any acquisition would require the WBD Board to declare Paramount’s offer a "Company Superior Proposal," the completion of a four-business-day matching period, termination of the Netflix merger agreement, and the execution of a definitive merger agreement between Paramount and WBD.
Paramount maintains Netflix opposition
While the WBD Board reviews the revised bid, Paramount will continue with its previously announced tender offer and solicitation in opposition to the Netflix merger, which it considers an inferior transaction.
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