The competing bids reflect fundamentally different visions for media consolidation — Paramount seeks the entire company while Netflix targets only the studio and streaming operations — against a backdrop of expected antitrust scrutiny under the Trump administration.
Paramount Global, controlled by Skydance Media, extended the deadline for Warner Bros. Discovery shareholders to tender stock until Feb. 20, maintaining its hostile offer of $30 per share in cash. The move marks the second extension since Paramount challenged Warner’s agreed merger with Netflix in December.
More than 168.5 million shares have been tendered so far, according to Paramount — but the amount remains far short of the 50% threshold the company would need to gain effective control of Warner, which has approximately 2.48 billion shares outstanding.
“Once again, Paramount continues to make the same offer our Board has repeatedly and unanimously rejected in favor of a superior merger agreement with Netflix,” Warner said in a statement Thursday. The company added that more than 93% of shareholders have so far rejected “Paramount’s inferior scheme.”
Netflix’s Competing Offer
Netflix agreed in December to acquire Warner’s studio and streaming operations for $72 billion in an all-cash deal — or $27.75 per share, with an enterprise value of approximately $83 billion including debt. Both the Netflix and Paramount offers claim to accelerate the path to a shareholder vote.
The two bids reflect fundamentally different visions for the future of media. Netflix is acquiring only Warner’s studio and streaming assets, including legacy television and film production operations and streaming platforms like HBO Max. Paramount is pursuing the entire company — studio, streaming, news, and cable operations, which would place CNN under the same corporate roof as CBS.
If Netflix prevails, Warner’s networks division would be spun off as a separate company called Discovery Global under a previously-announced restructuring.
Paramount Escalates Campaign
Paramount has announced plans to nominate its own slate of directors to Warner’s board ahead of the next shareholder meeting. On Thursday, the company filed preliminary materials to solicit proxies in opposition to the Netflix merger.
Paramount argues that its offer is superior and has accused Warner leadership of not being transparent with stockholders. The company claims Warner’s board was “rushing to solicit shareholder approval” for the Netflix merger, which Paramount says could result in lower shareholder payouts if debt from the planned networks spinoff is carried by the studio and streaming business.
Regulatory Backdrop
Any transaction involving Warner faces likely antitrust scrutiny at the federal level. Political involvement is expected, given President Donald Trump’s unprecedented suggestions about personal involvement in whether such deals proceed.
Market reaction Thursday reflected the uncertainty: shares of both Warner Bros. Discovery and Netflix fell modestly, while Paramount-Skydance stock rose approximately 3%.