Paramount has extended the deadline for its $30 per share all-cash offer to acquire Warner Bros. Discovery until February 20. This move aims to encourage WBD shareholders to support Paramount’s bid and reject the current board-backed deal with Netflix.

The latest tender offer from Paramount, valued at an enterprise worth of $108.4 billion, was originally set to expire on January 21. On Thursday, Paramount also filed proxy materials with the SEC to urge WBD shareholders to vote against the amended Netflix deal and related proposals at a special shareholder meeting.

Earlier this week, WBD and Netflix announced a revised agreement. Netflix updated its previous $27.75 per share cash-and-stock offer to an all-cash deal for WBD’s studio and streaming businesses. WBD also filed a preliminary proxy statement to accelerate the shareholder vote on the Netflix agreement, which is valued at approximately $83 billion, by April 2026.

Paramount criticized the amended Netflix deal, stating it acknowledges the original agreement was inferior but still falls short of Paramount’s offer. Paramount has pledged to engage in a proxy battle and aims to elect board members to support its hostile takeover bid, despite WBD’s board unanimously backing the Netflix deal since December 5 and reaffirming support for the all-cash revision.

WBD responded by noting that only a small portion of shares have been tendered to Paramount, with 168.5 million shares tendered as of Wednesday. The company emphasized that its board has consistently rejected Paramount’s offer in favor of the superior Netflix merger agreement. WBD also highlighted that over 93% of shareholders have rejected Paramount’s proposal.

Since going hostile in December, Paramount has continued to pursue the acquisition despite repeated rejections from WBD’s board. Led by David Ellison, Paramount argues that its offer, which includes all of WBD’s assets such as the linear networks business Discovery Global with channels like TNT and CNN, offers shareholders greater value and a clearer regulatory path than the Netflix deal.

The Netflix transaction would involve acquiring Warner Bros. film and television studios, along with HBO and the HBO Max streaming service, following a planned spin-off of WBD’s linear networks business. Both Netflix and WBD remain confident in completing their proposed transaction.

Disclaimer: This article has been auto-generated from a syndicated RSS feed and has not been edited by Vitrina staff. It is provided solely for informational purposes on a non-commercial basis.