WBD Sets Netflix Merger Vote, Opens Talks with Paramount Skydance on Potential $31/Share Offer
WBD has more than doubled off its 52-week low of $7.52 on light trading volume (0.3× avg).
Summary
Warner Bros. Discovery announced a March 20, 2026 special meeting for shareholders to vote on the Netflix merger, while also initiating discussions with Paramount Skydance for a potential higher offer after Netflix granted a waiver.
Key Events · M&A and Partnerships · WBD
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Special Meeting Set for Netflix Merger
Shareholders will vote on the Netflix merger on March 20, 2026, with the Board unanimously recommending approval.
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Discussions Initiated with Paramount Skydance
Netflix granted a seven-day waiver, allowing WBD to engage with PSKY to seek their "best and final offer" by February 23, 2026.
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Potential $31/Share Offer Indicated by PSKY
A PSKY representative informed WBD that they would agree to pay $31 per share if discussions were authorized, noting their prior offer was not "best and final."
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Board Still Recommends Netflix Merger
Despite opening talks with PSKY, the WBD Board continues to unanimously recommend the Netflix merger and has not determined PSKY's proposal to be superior.
Analysis · WBD · Technology
This filing marks a critical juncture in Warner Bros. Discovery's ongoing merger discussions, as the company sets a definitive date for shareholders to vote on the Netflix merger while simultaneously opening a seven-day window to engage with Paramount Skydance. The explicit mention of a PSKY representative indicating a willingness to pay $31 per share, which is above the current market price, introduces a significant competitive dynamic. While the WBD Board continues to unanimously recommend the Netflix merger and has not deemed PSKY's proposal superior, the initiation of formal discussions under a Netflix waiver suggests a serious effort to maximize shareholder value by soliciting PSKY's "best and final" offer. Investors will closely watch the outcome of these discussions, as a confirmed higher bid from PSKY could alter the merger landscape.
How filings like this one have moved
In the 30 days to Aug 25, 2026, 43.9% of the 999 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.15%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, WBD was trading at $28.58 on NASDAQ in the Technology sector, with a market capitalization of approximately $69.4B. The 52-week trading range was $7.52 to $30.00. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.