Warner Bros. Discovery (WBD) confirmed Paramount Skydance (PSKY) has commenced an unsolicited tender offer 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). The Board is not modifying its recommendation with respect to the agreement with Netflix. Warner Bros. Discovery intends to advise its stockholders of the Board’s recommendation regarding Paramount Skydance’s tender offer within 10 business days. Warner Bros. Discovery stockholders are advised not to take any action at this time with respect to Paramount Skydance’s proposal,” the company stated.
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