""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," Netflix said in a statement. "Accordingly, we granted WBD a narrow seven-day waiver of certain obligations under our merger agreement to allow them to engage with PSKY to fully and finally resolve this matter.""
""Warner's leadership consistently has backed the offer from Netflix. In December, Netflix agreed to buy Warner's studio and streaming business for $72 billion, now in an all-cash transaction that the companies have said will speed up the path to a shareholder vote by April. Including debt, the enterprise value of the deal is about $83 billion, or $27.75 per share.""
Netflix granted Warner Bros. Discovery a narrow seven-day waiver to reopen discussions with Paramount Skydance and address unresolved deficiencies in Paramount's prior offers. The waiver gives Warner Bros. until Monday to negotiate a possible transaction with Paramount Skydance while the Warner board continues to unanimously recommend the Netflix buyout. Netflix offered $72 billion in cash for Warner's studio and streaming business, implying about $83 billion enterprise value including debt. Paramount's rival proposal totals $77.9 billion in cash and seeks to acquire Warner's entire company. A special shareholder meeting is scheduled for March 20, and stocks moved modestly.
Read at ABC7 Los Angeles
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