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Paramount Skydance Corporation sent a proxy-letter outlining its strategy and a revised all-cash $31 per share proposal to acquire Warner Bros. Discovery, Inc., and described progress since the August transaction close. The letter frames three "North Star" priorities: creative investment, scaling direct-to-consumer, and enterprise efficiency.
It reports Q4'25 total revenue of $8.1 billion, Adjusted OIBDA of $612 million, and a net loss attributable to the Parent of $(573) million. For 2026 the company guides total revenue of $30,000 million and Adj. EBITDA of $3.8 billion, and states cash of $3.3 billion and gross debt of $13.7 billion.
Warner Bros. Discovery, Inc. tender offer filing updated: Paramount Skydance’s purchaser offered to acquire all outstanding Series A common shares at $30.00 per share in cash. This Amendment No. 25 to the Schedule TO supplements the December 8, 2025 Schedule TO and adds a stockholder letter dated February 25, 2026.
Paramount Skydance issued a public response after Warner Bros. Discovery’s board said Paramount’s revised $31 per share all-cash offer could “reasonably be expected to lead to a Company Superior Proposal” under WBD’s merger agreement with Netflix. Paramount said the Hart-Scott-Rodino waiting period for its proposed acquisition expired at February 19, 2026 and outlined steps required for a transaction: a WBD Board determination of Paramount’s proposal as a Company Superior Proposal, expiration of a four-business-day match period, termination of the Netflix merger agreement, and execution of a definitive merger agreement between Paramount and WBD.
Paramount reaffirmed its ongoing Tender Offer through Prince Sub Inc., noted proxy solicitation activities related to the Netflix transaction, and directed stockholders to review proxy and tender offer materials filed with the SEC.
Warner Bros. Discovery is the subject of an amended tender offer filing: Prince Sub Inc., a wholly owned subsidiary of Paramount Skydance Corporation, offered to purchase all outstanding Series A common shares at $30.00 per share in cash. This document is Amendment No. 24 to the Schedule TO and is described as a final amendment reporting the results of the tender offer; it references the Offer to Purchase and Letter of Transmittal dated December 8, 2025.
Warner Bros. Discovery, Inc. amends its Solicitation/Recommendation Statement on Schedule 14D-9 to supplement disclosures related to the unsolicited cash tender offer by Prince Sub Inc./Paramount Skydance Corporation to purchase Series A common stock at $30.00 per share.
The amendment adds an exhibit: a WBD press release dated February 24, 2026, and references prior tender offer amendments filed December 22, 2025 and February 10, 2026.
Paramount Skydance Corporation submitted a revised proposal to acquire Warner Bros. Discovery. Paramount says it presented the proposal after a seven-day waiver under WBD's merger agreement with Netflix allowed engagement.
The filing states that the WBD Board must deem Paramount's offer a "Company Superior Proposal," the four business day match period must expire, the Netflix merger agreement must be terminated, and a definitive merger agreement must be executed. Paramount will continue its previously announced tender offer and solicitation opposing the Netflix transaction while the WBD Board considers the revised proposal.
Warner Bros. Discovery, Inc. amends its Solicitation/Recommendation Statement on Schedule 14D-9 to address the unsolicited tender offer by Prince Sub Inc. and Paramount Skydance Corporation to purchase outstanding Series A common stock at $30.00 per share, as described in the Offer to Purchase dated December 8, 2025.
This Amendment No. 9, dated February 24, 2026, supplements Item 9 by adding a press release dated February 24, 2026 as an exhibit and reiterates the Statement filing certification by Chief Legal Officer Priya Aiyar.
Warner Bros. Discovery tender offer updated: Paramount Skydance’s subsidiary filed Amendment No. 23 reporting results. The Purchaser offered to buy all outstanding Series A common shares at $30.00 per share in cash under the Offer dated December 8, 2025. This Amendment supplements the Schedule TO and adds a press release as an exhibit dated February 24, 2026.
Netflix filed a Schedule 14A proxy communication relating to its proposed acquisition of Warner Bros. Discovery (WBD), including a transcript of Ted Sarandos’s February 23, 2026 BBC Radio 4 interview. Netflix reiterates its $83 billion bid for WBD’s streaming assets and contrasts it with a $108 billion rival proposal from Paramount, and notes the solicitation is subject to stockholder and regulatory approvals.
The transcript highlights Netflix metrics disclosed on-air: ~325 million subscribers across 190 countries, a market capitalization cited at > $330 billion, ~20 million UK subscribers, Netflix’s stated $6 billion original-programming spend in the UK since 2020, and claims of creating 50,000 jobs in the UK. The filing directs readers to the definitive proxy statement first mailed on or around February 17, 2026 and urges review of SEC filings for details.
Netflix, Inc. filed a Schedule 14A communication in support of its proposed acquisition of Warner Bros. Discovery, describing the $83 billion transaction and urging Warner Bros. Discovery stockholders to review the definitive proxy statement.
The communication republishes a February 20, 2026 interview with Netflix Co-CEO Ted Sarandos outlining Netflix’s commitments—including preserving a 45-day theatrical window and maintaining existing paid-download home entertainment windows—and defending Netflix’s valuation and regulatory position. The filing reminds readers that the deal remains subject to stockholder and regulatory approvals and directs investors to the Proxy Statement and SEC filings for complete information.