Paramount Skydance extends deadline for hostile Warner Bros bid
By Benjamin Chiou
Date: Thursday 22 Jan 2026
(Sharecast News) - Paramount Skydance has extended the deadline for its hostile takeover of Warner Bros Discovery, as it attempts to convince the latter's shareholders to vote against the studio's recommended sale of its movie and streaming business to Netflix.
Paramount said it is giving WBD shareholders until 20 February to vote for its $30-a-share all-cash tender offer for the entirety of WBD's business - including both its movie-streaming assets and cable networks - which equates to an enterprise value of $108.4bn.
It argues that its approach still trumps Netflix's recently revised $82.7bn all-cash bid for the movie-streaming assets only (equal to $27.75 per share), which was this week changed from a cash-and-shares offer as Netflix attempts to simplify the transaction structure and accelerate a shareholder sign-off.
The Netflix offer has already been unanimously approved by WBD's board.
WBD has rebuffed multiple advances from Paramount, saying its latest offer relies on "an extraordinary amount of debt financing" which raises the transaction risk and would leave the studio with a considerable amount of debt upon closing.
However, one of the major sticking points to a potential transaction is a valuation discrepancy regarding WBD's planned spin-off of its cable networks - dubbed Discovery Global - with Paramount arguing that WBD's cable assets are essentially worthless and carry substantial debt. Paramount claims that WBD is overvaluing these assets, thus making Netflix's offer seem more enticing to shareholders.
Paramount also reckons that a WBD-Netflix tie-up would "materially entrench Netflix's market dominance", giving it a 43% share of the subscription video on demand market. This position would lead to higher prices for consumers, lower compensation for content creators and talent, and lead to "considerable harm" to theatrical exhibitors, the company alleges.
"The combination of Paramount and WBD is pro-competitive, with moviegoers, studio workers and creative talent all set to thrive thanks to the combined company's expanded theatrical film production and content," Paramount said on Thursday.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN