Paramount extends tender offer deadline to woo Warner shareholders as proxy fight heats up

Core Viewpoint - Paramount is actively pursuing Warner Bros. Discovery by extending its tender offer and challenging Netflix's bid, despite facing significant resistance from Warner's board and shareholders [1][4][7]. Group 1: Paramount's Actions - Paramount has extended the deadline for its tender offer for Warner Bros. Discovery stock to February 20, offering $30 per share [2]. - The company has filed proxy materials to contest Netflix's alternative bid at an upcoming special meeting of Warner shareholders [1][4]. - Paramount plans to propose its own slate of directors for election during Warner's annual meeting with shareholders [9]. Group 2: Warner Bros. Discovery's Response - Warner's board has unanimously agreed to sell much of the company to Netflix for $27.75 per share, which they believe is a superior offer [5][7]. - Warner has reported that only 168.5 million shares, approximately 7% of its total shares, have been pledged to Paramount, indicating a lack of support for Paramount's bid [3]. - Warner's board has expressed confidence in achieving regulatory approval for the Netflix merger and has dismissed Paramount's efforts as inferior [6][7]. Group 3: Legal and Strategic Context - Paramount has initiated legal action against Warner Bros. and its CEO, but a Delaware court has denied its request to expedite the proceedings [8]. - The ongoing multistep process of Warner's sale provides Paramount with an extended opportunity to appeal to Warner shareholders [6].