Posted in: Max, Movies, Netflix, Paramount+, TV | Tagged: netflix, paramount skydance, warner bros discovery

Netflix Grants 7-Day Waiver for Paramount/Warner Bros Talks: Details

Netflix granted a waiver for Warner Bros Discovery and Paramount to reopen talks, with a WBD shareholders meeting set for March 20th.

The ongoing drama between Paramount Skydance and Netflix over who will be getting their hands on Warner Bros. Discovery (WBD) took a big turn on Tuesday. After reports hit over the weekend that the WBD board was considering reopening talks with Paramount Skydance after the latter adjusted its hostile bid offer to shareholders, the WBD board announced that it would be taking place, but the clock is running. Earlier today, WBD announced that Netflix had approved a seven-day window for talks between WBD and Paramount Skydance (ending on February 23rd). The WBD board made it clear that the deal with Netflix is still the one being recommended to shareholders, and that a special meeting of the shareholders was set for March 20th to finalize the WBD/Netflix deal.

"Throughout the entire process, our sole focus has been on maximizing value and certainty for WBD shareholders," said David Zaslav, President and Chief Executive Officer of Warner Bros. Discovery, as shared in a statement on the company's website. "Every step of the way, we have provided PSKY with clear direction on the deficiencies in their offers and opportunities to address them. We are engaging with PSKY now to determine whether they can deliver an actionable, binding proposal that provides superior value and certainty for WBD shareholders through their best and final offer." Ellison's company is apparently ready to increase its offer to $31 per share, with Netflix maintaining the right to match (check out the letter WBD set to Paramount Skydance regarding today's news here).

Netflix Responds: Netflix released the following on its corporate website shortly after the news of Paramount Skydance and Warner Bros. Discovery restarting talks was officially announced:

"Today marks another important milestone for our transaction with WBD. WBD has filed and commenced the mailing of its definitive proxy statement for the special meeting to be held on March 20, 2026, to approve our Board-recommended transaction and superior offer.

Throughout the robust and highly competitive strategic review process, Netflix has consistently taken a constructive, responsive approach with WBD, in stark contrast to Paramount Skydance (PSKY). While we are confident that our transaction provides superior value and certainty, we recognize the ongoing distraction for WBD stockholders and the broader entertainment industry caused by PSKY's antics. Accordingly, we granted WBD a narrow seven-day waiver of certain obligations under our merger agreement to allow them to engage with PSKY to fully and finally resolve this matter.

This does not change the fact that we have the only signed, board-recommended agreement with WBD, and ours is the only certain path to delivering value to WBD's stockholders. In its press release today, WBD reaffirmed its recommendation that WBD stockholders vote to approve the Netflix transaction at WBD's special meeting.

Together, Netflix and Warner Bros. will deliver more choice and greater value to audiences worldwide with expanded access to exceptional films and series – both at home and in theaters. Our transaction also expands production capacity and increases investment in original content, leading to long-term job creation. The Netflix transaction is centered on growth, opportunity, and a reinforced commitment to creating world-class films and television – not consolidation and layoffs."

From there, the statement outlines the benefits of the streamer's current deal with WBD, while offering a point-by-point pushback on what Paramount Skydance is bringing to the table, especially regarding the timeframe for regulatory approval.

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