The War for Warner Bros. Discovery continues. Paramount is not giving up, but there is little interest

Paramount Skydance has extended the deadline for its takeover offer to Warner Bros. shareholders by a month. Discovery (WBD). So far, the company has acquired only 6.8 percent. company shares.

Paramount Skydance announced the extension of the deadline for purchasing WBD shares in documents filed with the Securities and Exchange Commission (SEC). Initially, the company gave WBD shareholders until Jan. 21 to sell their shares at the offering price of $30. The company did not increase its offer.

As reported in the document, so far the Paramount offer has been used by investors holding 168.5 million WBD shares, which constitutes only 6.8 percent. whole. Paramount is trying to take over the company bypassing the management board of WBD, which accepted Netflix's offer to purchase part of the company. This week, the company's management also reached an agreement with Netflix to change the method of payment in cash and Netflix shares to entirely cash. The valuation remained unchanged at $27.75 per share.

This offer applies only to WBD film studios and streaming platforms, while Paramount Skydance offers the entire company, which also includes television channels, including CNN, TNT and Poland's TVN.

On Thursday, Warner Bros. management again criticized the offer of rival Netflix.

“Paramount continues to make the same offer that our board of directors repeatedly and unanimously rejected in favor of a more favorable merger agreement with Netflix,” the company said in a statement. “Our shareholders clearly agree, with more than 93% of them also rejecting Paramount's inferior offer,” the board added.

According to Reuters, the final fate of the transaction may be decided at the general meeting of WBD shareholders in April, where it will be put to a vote. At the same meeting, Paramount Skydance will seek to elect its representatives to the WBD board of directors.

From Washington Oskar Górzyński (PAP)

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