Warner Bros. Discovery confirms receipt of revised proposal from Paramount

Warner Bros. Discovery (WBD) confirmed that it has received a revised proposal from Paramount Skydance (PSKY) to acquire all of the outstanding shares of WBD common stock. The Board issued the following statement: “Following engagement with PSKY during the seven-day limited waiver period, we received a revised PSKY proposal to acquire WBD, which we are reviewing in consultation with our financial and legal advisors. We will update our shareholders following the Board’s review. The Netflix (NFLX) merger agreement remains in effect, and the Board continues to recommend in favor of the Netflix transaction. WBD shareholders are advised not to take any action at this time with respect to the amended PSKY tender offer.”