Paramount Skydance has extended the deadline on its hostile tender offer for Warner Bros Discovery to February 20, granting itself additional time to persuade shareholders that its proposal outweighs a competing deal with Netflix.
The move follows limited investor response by the original January deadline, with roughly 168.5 million shares tendered, representing a small fraction of the company’s outstanding stock.
The extension underscores an intensifying contest that could reshape control of major film, television, and streaming assets.
Paramount’s offer values Warner Bros Discovery at $30 per share, or about $108.4 billion, and seeks ownership of the entire company, including its studio, franchises, and HBO Max streaming service.
Netflix, meanwhile, has revised its proposal into an all-cash offer valued at $27.75 per share for Warner’s streaming and studio assets, alongside a planned spinoff of its cable networks into a separate entity known as Discovery Global.
That revised offer, totaling $82.7 billion, was unanimously approved by Warner Bros Discovery’s board, increasing pressure on Paramount to win over shareholders.
Paramount has not raised its bid but argues its offer provides greater clarity on valuation and a cleaner corporate structure.
The company has also challenged assumptions underpinning the Netflix deal, particularly its reliance on transferring $17 billion in debt to the planned spinoff.
Alongside extending the tender deadline, Paramount has filed preliminary proxy materials signaling a push to influence an upcoming shareholder vote.
The company plans to urge investors to reject the Netflix merger, the proposed corporate split, and executive compensation plans tied to the transaction.
Warner Bros Discovery has indicated that a special shareholder meeting on the Netflix deal could take place by April, setting a clear timeline for the dispute to reach a decision point.
Paramount maintains that its proposal offers a more predictable regulatory path and higher long-term value.
Netflix executives have said they are making progress toward regulatory approvals and see strategic benefits from adding HBO Max and expanding theatrical distribution.
Analysts, however, have cautioned that either deal carries risks tied to integration costs, debt levels, and future content spending.
Market reactions have been muted, reflecting uncertainty as investors await a decisive shareholder verdict.