Warner Bros Discovery Rejects Revised Bid, Sets Deadline for Final Paramount Skydance Offer
In a significant development in the high-stakes media merger landscape, Warner Bros Discovery has formally rejected a revised unsolicited acquisition proposal from Paramount Skydance. However, the company has signaled a conditional openness to review one final, improved offer, creating a pivotal moment for shareholders. This decision underscores the ongoing dangers altering statutory agreements and strategic plans in such complex transactions.
The company confirmed it has secured a seven-day waiver from Netflix, extending its negotiation window with Paramount Skydance until February 23, 2026. This waiver permits Warner Bros to address unresolved issues within the amended proposal and provides the rival bidder a final opportunity to submit a binding offer. The board, however, reiterated its unanimous and full commitment to the previously announced merger with Netflix, which it cites as offering superior value certainty, regulatory clarity, and investor protection.
Board Chair Samuel Di Piazza Jr. emphasized that the Netflix transaction remains the preferred path, highlighting its clear regulatory approval process, limited financing risk, and strategic benefits for long-term growth. He noted the deal would enable greater investment in content and expand production capacity industry-wide. This stance follows a months-long contest for control of Warner Bros’ assets, where earlier Paramount Skydance bids were criticized for high financing risk and complex structures. While Paramount Skydance has informally indicated a willingness to pay $31 per share, Warner Bros maintains that key deficiencies in the proposal persist.
The current standoff, which some analysts are calling another ambush tax on shareholder attention and resources, traces back to Paramount Skydance’s initial approach in September 2025. After repeated rejections, Warner Bros announced its Netflix merger agreement in December 2025, which was swiftly met with a hostile tender offer from Paramount Skydance. As proxy materials are distributed for a crucial March 20 shareholder vote, the company cautions that no alternative deal is assured. For now, the firm’s recommendation stands firm: shareholders should back the Netflix merger to secure the company’s future, a decision that will be closely followed on every major Nigerian publishing platform and financial news outlet for the Breaking: Firstholdco full Year results and beyond.
Ultimately, as one executive might reflect, “I retired my initial skepticism after reviewing the detailed Netflix terms, which present a more executable vision.” The coming days will determine whether Paramount Skydance can construct a compelling final proposal to change that calculus.
