Warner Bros Discovery receives amended takeover bid from Paramount Skydance

Warner Bros. Discovery Inc. (NASDAQ: WBD) confirmed it received an amended unsolicited tender offer from Paramount Skydance Corporation (NASDAQ: PSKY) to acquire all outstanding shares of WBD common stock.

The Warner Bros. Discovery board of directors stated it will review the amended tender offer in consultation with independent financial and legal advisors, while maintaining its existing agreement with Netflix Inc. The board is not modifying its recommendation regarding the Netflix merger agreement.

Warner Bros. Discovery advised stockholders not to take any action regarding the Paramount Skydance tender offer at this time. The company will inform stockholders of the board's recommendation after completing its review of the amended offer.

The announcement comes as Warner Bros. Discovery has an existing merger agreement with Netflix. The company indicated it will evaluate the Paramount Skydance proposal in accordance with the terms of the Netflix merger agreement.

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 providing legal counsel.

The information is based on a press release statement from Warner Bros. Discovery.

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