Paramount confirms submission of revised proposal to acquire Warner Bros.

Paramount Skydance Corporation (PSKY) confirmed it has submitted to the Board of Directors of Warner Bros. Discovery, Inc. (WBD) a revised proposal to acquire WBD. This submission follows a period of engagement with WBD after it received a seven-day waiver under its merger agreement with Netflix, Inc. (NFLX) to engage with Paramount. The entry into a transaction with WBD would require the WBD Board to determine that Paramount’s revised proposal is a “Company Superior Proposal” under its merger agreement with Netflix, the expiration of a four business day match period, termination of the Netflix merger agreement and execution of a definitive merger agreement between Paramount and WBD. While the WBD Board of Directors considers Paramount’s revised proposal, Paramount will continue to maintain its previously announced tender offer and its solicitation in opposition to the inferior Netflix merger.