Warner Bros Discovery to review new takeover offer from Paramount Skydance

Warner Bros Discovery confirmed it had received an amended, unsolicited tender offer from Paramount Skydance to acquire all of its outstanding stock.

The WBD board of directors are now expected to review the proposal, in line with its fiduciary duties, and in consultation with independent financial and legal advisors, the company said in a statement.

It will consider the offer against the terms of its agreement with Netflix.

WBD, previously on 8 December, unanimously rejected Paramount Skydance's earlier unsolicited tender offer, saying it provided inadequate value, imposed significant risks and costs, and did not satisfy the "superior proposal" standard in under the prior Netflix merger agreement.

Warner Bros. Discovery said it will advise stockholders of the Board's recommendation after completing its review and that stockholders should not take any action with respect to the amended Paramount Skydance tender offer at this time.

The Recap

• WBD received amended unsolicited tender offer from Paramount Skydance.
• Board previously rejected December 8 unsolicited tender offer.
• WBD will review the offer and advise stockholders after review.