Warner Bros. Discovery Receives Revised Takeover Bid from Paramount Skydance
On February 10, 2026, Warner Bros. Discovery confirmed receiving a revised, unsolicited takeover bid from Paramount Skydance Corporation for all its outstanding common shares.
Details of the Revised Offer
Warner Bros. Discovery, Inc. (NASDAQ: WBD) received a revised public takeover offer on February 10, 2026, from Paramount Skydance Corporation (NASDAQ: PSKY), targeting the acquisition of all outstanding common shares of WBD. The Board of Directors of Warner Bros. Discovery, in consultation with its independent financial and legal advisors, will carefully review and consider this offer in accordance with the terms of the agreement made with Netflix, Inc. (‘Netflix Merger Agreement’). The Board does not alter its recommendation regarding the merger agreement with Netflix.
Process and Advisory
Warner Bros. Discovery will review the revised public takeover offer and will inform its shareholders of the Board’s recommendation upon completion of this review. WBD shareholders are advised not to take any personal action regarding the revised public takeover offer from Paramount Skydance during this period. Allen & Company, J.P. Morgan, and Evercore are serving as financial advisors to Warner Bros. Discovery, while Wachtell, Lipton, Rosen & Katz, and Debevoise & Plimpton LLP are serving as legal advisors.
