Warner Bros Reopens Paramount Takeover Talks/ Newslooks/ WASHINGTON/ J. Mansour/ Morning Edition/ Warner Bros. Discovery is reopening takeover talks with Paramount Skydance after receiving a seven-day waiver from Netflix. The waiver allows discussions over deficiencies in Paramount’s prior bid. Warner’s board still unanimously recommends shareholders approve Netflix’s $72 billion offer.
Warner Bros Paramount Takeover Talks Quick Looks
- Seven-day waiver granted by Netflix
- Talks focus on unresolved issues in Paramount’s offer
- Netflix bid valued at $72 billion (about $83B enterprise value)
- Paramount’s offer: $77.9 billion all-cash proposal
- Warner special shareholder meeting set for March 20
- Shares of Warner and Paramount rise in early trading
Deep Look: Warner Bros Reopens Takeover Talks with Paramount After Netflix Waiver
Warner Bros. Discovery has revived takeover discussions with Paramount Skydance after receiving a temporary waiver from its preferred buyer, Netflix.
According to a regulatory filing released Tuesday, Netflix granted Warner a limited seven-day waiver that permits the company to engage with Paramount to address what were described as “deficiencies” in the rival bid.
The waiver gives Warner until Monday to explore whether a revised or clarified offer from Paramount could be viable, though the company emphasized that its board continues to unanimously recommend the Netflix transaction.
Competing Bids for Warner
Netflix agreed in December to purchase Warner’s studio and streaming operations in a deal valued at $72 billion. Including debt, the enterprise value is approximately $83 billion, or $27.75 per share. The agreement was later revised into an all-cash transaction, a move executives said would streamline the path to shareholder approval, which is expected by April.
Paramount Skydance, by contrast, has proposed acquiring Warner’s entire company — including its cable networks such as CNN and Discovery — with an all-cash offer of $77.9 billion. Paramount took its proposal directly to shareholders late last year, intensifying competition for the entertainment giant.
Netflix’s Strategic Waiver
In a statement, Netflix said it remains confident its deal offers superior value and certainty but acknowledged that Paramount’s continued pursuit has created uncertainty for Warner shareholders and the broader media sector.
The streaming giant described the waiver as “narrow” and intended to allow Warner to fully and finally resolve outstanding questions with Paramount.
Despite reopening discussions, Warner reiterated Tuesday that its leadership continues to back the Netflix deal.
Market Reaction
Investors responded positively to the renewed developments. Shares of Warner Bros. Discovery rose more than 2% in premarket trading. Paramount Skydance shares climbed nearly 3%, while Netflix stock posted a modest gain.
Warner has scheduled a special shareholder meeting for Friday, March 20, where investors are expected to vote on the proposed Netflix acquisition.
Industry Implications
The takeover battle underscores the intensifying consolidation pressures within the media and entertainment industry, as traditional studios seek scale and financial stability amid the shift toward streaming platforms.
A merger between Warner and Netflix would further reshape the streaming landscape, potentially creating one of the largest content libraries in the industry. Meanwhile, a Paramount acquisition of Warner would consolidate major broadcast, cable, and film assets under one umbrella.
For now, Warner’s board remains aligned with Netflix — but the reopened talks ensure that the takeover drama is far from over.
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