Rival bidders Netflix and Paramount Skydance have both restated their cases as the contest over Warner Bros Discovery (WBD) assets heats up.
A statement from Paramount described the latest moves by the WBD board – providing a waiver for a week of talks with Paramount but also setting a March 20 shareholder meeting to vote on an already agreed deal with Netflix – as “unusual.”
The statement added: “Paramount is nonetheless prepared to engage in good faith and constructive discussions. At the same time, we will continue to advance our tender offer, maintain our solicitation in opposition to the inferior Netflix merger, and proceed with our intention to nominate a slate of directors at the upcoming WBD annual meeting.”
A statement from Netflix, meanwhile, said the newly announced waiver “does not change the fact that we have the only signed, board-recommended agreement with WBD, and ours is the only certain path to delivering value to WBD’s stockholders.”
The streaming giant added: “Throughout the robust and highly competitive strategic review process, Netflix has consistently taken a constructive, responsive approach with WBD, in stark contrast to Paramount Skydance (PSKY). 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.”
WBD and Netflix have already begun “driving the regulatory process forward,” said Netflix. “By contrast, PSKY has repeatedly mischaracterized the regulatory review process by suggesting its proposal will sail through, misleading WBD stockholders about the real risk of their regulatory challenges around the world. WBD stockholders should not be misled into thinking that PSKY has an easier or faster path to regulatory approval – it does not.”
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