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Paramount extends tender offer for WBD

January 23, 2026

Paramount Skydance has extended the deadline on its hostile tender offer for Warner Bros Discovery (WBD) to February 20th, buying more time to persuade investors that its bid for the studio is superior to a deal with Netflix. Paramount’s previous tender offer expired on January 21st.

Paramount confirmed that it has filed preliminary proxy materials with the US Securities and Exchange Commission (SEC) to solicit shareholders of WBD to vote against the amended transaction with Netflix and related proposals. Paramount also reaffirmed its commitment to a transaction with WBD at a $108.4 billion enterprise value, stating it is “significantly greater and far more certain” than the purported $82.7 billion enterprise value of the Netflix transaction.

Paramount, which seemingly has support from US President Donald Trump, hasn’t raise its bid and WBD responded by noting that that less than 7 per cent of all shareholders have tendered their shares thus far to Paramount.“Once again, Paramount continues to make the same offer our Board has repeatedly and unanimously rejected in favour of a superior merger agreement with Netflix. It’s also clear our shareholders agree, with more than 93 per cent also rejecting Paramount’s inferior scheme,” WBD said. “We are confident in our ability to achieve regulatory approval for the Netflix merger and look forward to delivering the tremendous and certain value our agreement will provide to Warner Bros Discovery shareholders.”

In comments made at the Kennedy Center Honors in December 2025, Trump said to reporters that the combination of Netflix and WBD would command a “very big market share”.

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