Warner Bros. Discovery (WBD) has resumed negotiations with Paramount Skydance over a potential acquisition, granting the company one week to improve its buyout proposal.
In a statement issued Tuesday, WBD said discussions will run through February 23, allowing Paramount Skydance to submit what it described as a “best and final offer.”
Despite reopening talks, WBD signalled its preference for a separate deal with Netflix and confirmed plans to hold a special shareholders’ meeting on March 20 to vote on that proposal.
Competing Bids on the Table
WBD, which owns CNN, first indicated in late October that it was open to acquisition offers. Its board later accepted a bid from Netflix to acquire only the company’s streaming and studio operations for $83 billion.
Paramount Skydance, however, is pursuing a broader transaction. The company has offered $108 billion to acquire all of WBD’s assets.
Under the Netflix proposal, WBD’s television holdings, including CNN and Discovery, would not be included in the deal. Instead, those assets would be spun off into a newly formed, publicly traded entity named Global Networks.
Dispute Over Transparency
Paramount Skydance has accused WBD’s board of not providing shareholders with sufficient information to properly evaluate and compare the competing bids.
WBD, for its part, said the renewed discussions will address “deficiencies that remain unresolved” and clarify terms within Paramount Skydance’s proposed merger agreement.
Since submitting its initial bid, Paramount Skydance has revised its offer twice.
The renewed negotiations set up a critical week for WBD as it weighs two competing visions for its future in an evolving global media landscape.
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