WBD Board Unanimously Recommends Netflix Merger, Reopens Deal Talks With Paramount Skydance

Warner Bros. Discovery

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(RTTNews) - Warner Bros. Discovery, Inc. (WBD), Tuesday announced that it will hold a Special Meeting of Shareholders on March 20, 2026 to vote on the proposed merger with Netflix, Inc. (NFLX).

The WBD Board of Directors continues to unanimously recommend the Netflix merger, citing the tremendous value it provides, the clear path to regulatory approval, and the transaction's protections for shareholders against downside risk.

"Together, Netflix and Warner Bros. will deliver more choice and greater value to audiences worldwide with expanded access to exceptional films and series - both at home and in theaters," Netflix stated. "Our transaction also expands production capacity and increases investment in original content, leading to long-term job creation."

Additionally, WBD disclosed that Netflix has provided the company a limited waiver under the merger agreement, allowing WBD to engage in discussions with Paramount Skydance (PSKY) for seven days ending on February 23, 2026.

During this period, WBD will seek clarity for its shareholders and provide PSKY the opportunity to make its best and final offer. The company will engage with PSKY to discuss the remaining unresolved deficiencies and clarify certain terms of PSKY's proposed merger agreement. After the limited waiver period, Netflix will retain its matching rights as defined in the merger agreement.

In the pre-market hours, WBD is trading at $28.72, up 2.61 percent, PSKY is trading at $10.60, up 2.71 percent, and NFLX is trading at $77.35, up 0.53 percent on the Nasdaq.