""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."
Warner Bros. will reopen takeover talks with Paramount Skydance after receiving a seven-day waiver from its preferred bidder, Netflix. The waiver permits Warner Bros. Discovery to discuss unresolved deficiencies in Paramount's previous offers and gives the company until Monday to negotiate a potential transaction. Netflix said it granted the narrow waiver to allow WBD to engage with PSKY and resolve the matter while maintaining confidence that its own transaction provides superior value and certainty. Warner Bros.' board continues to unanimously recommend shareholders vote for the Netflix buyout. Netflix agreed in December to acquire Warner's studio and streaming business for $72 billion in cash.
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