The revised proposal keeps the valuation at $27.75 per share but removes the share component, which Netflix and WBD say gives investors greater certainty and allows a vote as early as April. Netflix co-chief executive Ted Sarandos said the change would “accelerate the path to a stockholder vote” while delivering clear value.
Under the deal, Netflix would acquire WBD’s studios and streaming assets, including Warner Bros and HBO, while WBD shareholders would also receive shares in a spun-off global networks business that includes CNN and Discovery. The Warner Bros Discovery board continues to unanimously back Netflix’s offer.
Paramount Skydance is pressing ahead with a hostile $108.4bn bid for the entire group and has sought to challenge the Netflix deal through legal action and a potential proxy fight, though a Delaware judge has already dismissed one lawsuit.
