Warner Bros. Discovery confirms receipt of amended offer from Paramount Skydance

Warner Bros. Discovery (WBD) confirmed that it has received an amended, unsolicited tender offer from Paramount Skydance (PSKY) to acquire all of the outstanding shares of Warner Bros. Discovery common stock. The Warner Bros. Discovery Board of Directors, consistent with its fiduciary duties and in consultation with its independent financial and legal advisors, will carefully review and consider Paramount Skydance’s offer in accordance with the terms of Warner Bros. Discovery’s agreement with Netflix (NFLX). Paramount Skydance’s Amended Tender Offer follows the WBD Board of Directors’ unanimous rejection of Paramount Skydance’s previous unsolicited tender offer received on December 8, 2025. The WBD Board carefully reviewed the December 8 Tender Offer and determined that it provided inadequate value and imposed numerous significant risks and costs on WBD and its stockholders, and did not meet the criteria of a “Superior Proposal” under the Netflix Merger Agreement. The Board is not modifying its recommendation with respect to the Netflix Merger Agreement. Warner Bros. Discovery will review the Amended Tender Offer and advise its stockholders of the Board’s recommendation after the completion of that review.