Warner Bros. Discovery Confirms Receipt of Revised Proposal from Paramount Skydance

Core Viewpoint - Warner Bros. Discovery (WBD) has received a revised acquisition proposal from Paramount Skydance Corporation (PSKY) for all outstanding shares of WBD common stock, which is currently under review by WBD's Board in consultation with financial and legal advisors [1] Group 1: Acquisition Proposal - The revised proposal from PSKY follows a seven-day limited waiver period during which WBD engaged with PSKY [1] - WBD's Board continues to recommend the ongoing merger agreement with Netflix, advising shareholders not to take any action regarding the PSKY tender offer at this time [1] - Financial advisors for WBD include Allen & Company, J.P. Morgan, and Evercore, while legal counsel is provided by Wachtell Lipton, Rosen & Katz and Debevoise & Plimpton LLP [1] Group 2: Company Overview - Warner Bros. Discovery is a leading global media and entertainment company, known for its diverse portfolio of branded content across various platforms including television, film, streaming, and gaming [1] - The company operates iconic brands such as HBO Max, CNN, and Discovery Channel, among others [1] Group 3: Regulatory and Shareholder Information - WBD has filed a solicitation/recommendation statement with the SEC regarding the PSKY tender offer, and shareholders are encouraged to read all relevant documents once available [1] - A definitive proxy statement related to the proposed transaction with Netflix was mailed to WBD stockholders around February 17, 2026 [2]