Paramount Skydance extends WBD tender offer to Feb 20, files proxy to oppose Netflix merger

Paramount Skydance Corp

Paramount extended its $30/share all-cash tender offer for Warner Bros. Discovery to February 20, 2026.
Paramount filed a preliminary proxy to solicit WBD shareholders to vote against the Netflix merger at WBD's special meeting.
Paramount claims the Netflix transaction's enterprise value of $82.7B is inferior to its $108.4B offer.
If debt allocated to Discovery Global, Netflix consideration could drop to ~$23.20/share, below Paramount's $30.
As of Jan 21, 2026, 168,511,695 WBD shares were validly tendered into Paramount's offer.

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