WBD Reviewing Revised PSKY Offer Even As Board Reaffirms Support For Netflix Merger
Synopsis
WBD also noted that the merger agreement with Netflix remains in effect, adding that the WBD board continues to recommend it over the Paramount offer.
Warner Bros. Discovery Inc. (WBD) on Tuesday confirmed the receipt of Paramount Skydance Corp.’s (PSKY) revised bid for the company.
“Following engagement with PSKY during the seven-day limited waiver period, we received a revised PSKY proposal to acquire WBD, which we are reviewing in consultation with our financial and legal advisors. We will update our shareholders following the Board's review,” the company stated.
WBD also noted that the merger agreement with Netflix Inc. (NFLX) remains in effect, adding that Warner Bros. Discovery’s board continues to recommend it over the Paramount offer.
Warner Bros. Discovery shares were up 1% in Tuesday’s pre-market trade, while Paramount Skydance shares rose 0.5%. Retail sentiment on Stocktwits around WBD trended in the ‘extremely bullish’ territory, while users felt ‘bullish’ about PSKY.
Netflix shares were up 0.4% at the time of writing, with retail sentiment trending in the ‘bearish’ territory on Stocktwits.
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