Warner Bros. Discovery confirms receipt of Paramount Skydance offer

Warner Bros. Discovery Inc. (NASDAQ: WBD) confirmed that Paramount Skydance Corporation (NASDAQ: PSKY) has commenced an unsolicited tender offer to acquire all outstanding shares of Warner Bros. Discovery common stock.

The Warner Bros. Discovery board of directors stated it will review and consider Paramount Skydance's offer in consultation with independent financial and legal advisors, in accordance with the terms of Warner Bros. Discovery's existing agreement with Netflix Inc.

The board is not modifying its recommendation regarding the Netflix agreement. Warner Bros. Discovery intends to advise stockholders of the board's recommendation regarding the Paramount Skydance tender offer within 10 business days.

Warner Bros. Discovery advised stockholders not to take any action regarding Paramount Skydance's proposal at this time.

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 counsel.

The announcement comes as Warner Bros. Discovery has a pending transaction with Netflix. The company stated it will file a solicitation/recommendation statement on Schedule 14D-9 with the Securities and Exchange Commission within 10 business days of the tender offer's commencement.

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