"Our board has not determined that your proposal is reasonably likely to result in a transaction that is superior to the Netflix merger,"
"We continue to recommend and remain fully committed to our transaction with Netflix."
"While we are confident that our transaction provides superior value and certainty, we recognize the ongoing distraction for WBD stockholders and the broader entertainment industry caused by PSKY's antics,"
"Accordingly, we granted WBD a narrow seven-day waiver of certain obligations under our merger"
Warner Bros. Discovery obtained a seven-day waiver from Netflix allowing it to discuss unresolved "deficiencies" in Paramount Skydance's prior offers and to negotiate a potential transaction until Monday. Netflix retains the right to match any Paramount offer under its merger agreement. Warner previously rejected Paramount's proposals, including a hostile December bid. Warner's board stated it has not determined that the Paramount proposal is likely to be superior to the Netflix merger and reiterated full commitment to the Netflix transaction. Netflix said it is confident in its deal and granted the narrow waiver due to the distraction caused by PSKY's actions.
Read at www.cbc.ca
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