Key Moments
- Netflix co-CEO Greg Peters said the company is on track to win Warner Bros Discovery shareholder support for its $82.7 billion offer.
- Peters told the Financial Times that only a “very small” number of shares have been tendered into Paramount’s hostile $108 billion bid.
- Paramount Skydance extended its tender offer to Feb. 20, while Netflix moved to an all-cash structure for its bid.
Netflix Pushes for Shareholder Support
Netflix co-CEO Greg Peters said the company expects to win shareholder backing for its $82.7 billion offer for Warner Bros Discovery. He made the remarks in an interview with the Financial Times on Friday. Overall, Netflix appears confident in its path forward.
In the same interview, Peters dismissed Paramount’s competing bid. He said the offer “doesn’t pass the sniff test,” suggesting it lacks credibility.
Paramount Offer Draws Limited Support
Peters told the Financial Times that only a small number of Warner Bros Discovery shares have been tendered to Paramount’s hostile $108 billion offer. In other words, the rival bid has not yet gained much traction.
Netflix, Warner Bros Discovery and Paramount Skydance did not immediately respond to Reuters requests for comment outside regular business hours.
Deal Structure and Financing
Peters argued that Netflix’s revised offer provides greater certainty than Paramount’s. He pointed to Netflix’s strong balance sheet, while noting that Paramount’s bid relies on heavy debt.
Earlier this month, the Warner Bros board rejected Paramount’s amended proposal. The bid included $40 billion in equity, backed by a guarantee from Oracle co-founder Larry Ellison. Peters said that without Ellison’s support, Paramount would not be able to complete the deal.
Revised Terms and Extended Deadline
Paramount Skydance extended its tender offer deadline to Feb. 20. Meanwhile, Netflix revised its offer to an all-cash structure. The change aims to speed up closing and reassure investors who were wary of the earlier stock-and-cash deal.
Key Transaction Figures
| Bidder | Target | Offer Value | Structure | Status |
|---|---|---|---|---|
| Netflix | Warner Bros Discovery studios | $82.7B | All-cash (revised) | On track for shareholder support, per Peters |
| Paramount Skydance | Warner Bros Discovery | $108B | Part debt, part equity; $40B equity backed by Ellison | Deadline extended to Feb. 20; bid previously rejected |
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