Yahoo Finance·2026-01-22 21:00Core Viewpoint - Paramount Skydance has extended its bid deadline to acquire Warner Bros. Discovery, while Warner Bros. continues to recommend shareholders support its merger with Netflix, highlighting ongoing competition in the media industry [1][2][3]. Group 1: Acquisition Bids - Paramount's all-cash offer of $30 per share for Warner Bros. Discovery has been extended to February 20, from the initial expiration date of January 21 [2]. - Netflix has made an amended all-cash offer of $27.75 per share for Warner Bros.' studio and streaming assets, which Warner Bros. prefers over Paramount's bid [2][3]. Group 2: Shareholder Sentiment - Warner Bros. Discovery has urged shareholders to reject Paramount's offer, stating that over 93% of shareholders have already dismissed it in favor of a merger with Netflix [3]. - The company expresses confidence in obtaining regulatory approval for the Netflix merger, emphasizing the value it will provide to shareholders [3]. Group 3: Market Reactions - Netflix's stock has decreased by over 32% in the last six months, while Paramount's stock has seen a decline of approximately 9% [4]. - The announcement of Oscar nominations coincided with the ongoing bidding war, with Warner Bros. receiving a record 30 nominations, compared to Netflix's 18 [4]. Group 4: Analyst Insights - Analysts suggest that Paramount may need to raise its offer to attract Warner Bros. shareholders, as it has a greater need for the acquisition compared to Netflix [5]. - There is an expectation of continued developments in this situation leading up to the new bid deadline, with concerns about Netflix's potential regulatory challenges [6].