Warner Bros. board reaffirms Netflix offer superior, urges shareholders to reject Paramount

Netflix dips to 0%2%

Warner Bros. Discovery's board again recommended shareholders reject Paramount's hostile bid, citing risks and debt concerns, and endorsed Netflix's offer as providing superior value and certainty, reinforcing Netflix's favored status in the acquisition race.

Warner Bros. CinemaCon show highlights upcoming films amid acquisition uncertainty

Paramount jumps to 80%10%

Warner Bros. showcased major upcoming films at CinemaCon, reflecting ongoing business as usual despite the pending acquisition battle. Industry concerns about consolidation effects on production and theaters were noted, influencing market sentiment about the acquisition's future.

Larry Ellison guarantees $40.4B equity financing for Paramount's Warner bid

Paramount rises to 77%3%

Larry Ellison, Oracle founder and father of Paramount CEO David Ellison, personally guaranteed $40.4 billion in equity financing for Paramount's hostile bid, bolstering Paramount's financial backing and intensifying the takeover battle.

Warner Bros. Discovery reiterates support for Netflix deal amid ongoing Paramount bid

Warner Bros. Discovery's leadership reaffirmed their commitment to the Netflix acquisition, emphasizing the superior value and certainty of the Netflix deal despite Paramount's ongoing hostile bid and proxy fight.

Netflix revises Warner Bros. offer to all-cash deal to counter Paramount

Netflix dips to 1%1%

Netflix revised its $72 billion offer for Warner Bros. Discovery to an all-cash transaction, simplifying the deal structure to provide more certainty to shareholders and speed up the shareholder vote, strengthening its competitive position against Paramount's hostile bid.

Paramount launches hostile $77.9B bid challenging Netflix's $72B Warner Bros. deal

Paramount drops to 68%11%

Paramount publicly launched a hostile takeover bid for Warner Bros. Discovery, offering $77.9 billion in cash for the entire company, including cable assets Netflix does not want, escalating the bidding war and causing market volatility.

Warner board reaffirms support for Netflix merger

None by June 30, 2027 rises to 15%1%

Warner Bros. Discovery’s board reiterated its recommendation that shareholders approve the Netflix acquisition, effectively diminishing the perceived viability of Paramount’s bid and causing the ‘None by June 30 2027’ outcome to dip further.

Paramount advances hostile takeover with plans to nominate own Warner Bros. board

Paramount dips to 74%2%

Paramount announced it would nominate its own slate of directors for Warner Bros. Discovery before the next shareholder meeting and filed a lawsuit to compel disclosure of Warner's valuation of bids, intensifying the hostile takeover attempt.

Warner Bros. rejects Paramount takeover again, backs Netflix deal

Paramount rises to 14%4%

Warner Bros. Discovery's board again rejected Paramount's hostile takeover bid, reaffirming support for Netflix's offer. This reinforced market confidence in Netflix's deal but Paramount's bid remained active, keeping the contest alive.

Warner Bros rejects Paramount takeover again, backs Netflix bid

Netflix dips to 2%1%

Warner Bros. Discovery's board rejected Paramount's hostile takeover offer, citing insufficient value and risks, and urged shareholders to support Netflix's $72 billion deal for the studios and streaming business, reinforcing Netflix's position in the market.

Paramount extends $77.9B hostile takeover bid for Warner Bros. Discovery

Paramount dips to 76%3%

Paramount extended its tender offer deadline and doubled down on a proxy fight to acquire Warner Bros. Discovery, offering $30 per share in cash for the entire company, challenging Netflix's $72 billion deal for just the studios and streaming business. This escalated the bidding war and increased market uncertainty.

Netflix revises Warner Bros. offer to all-cash transaction to counter Paramount

Netflix plunges to 2%48%

Netflix converted its original cash-and-stock offer to an all-cash deal valued at $72 billion to simplify the transaction and increase certainty for shareholders, aiming to counter Paramount's hostile bid.

Netflix price collapses after market doubts on deal completion

Netflix plunges to 1%46%

Following reports that regulatory hurdles and the pending spin‑off of Warner’s cable assets could delay the Netflix acquisition, investor confidence eroded sharply, driving Netflix’s market price down to near zero.

Netflix revises $72B Warner Bros. offer to all-cash deal

Netflix plunges to 2%46%

Netflix converted its original cash-and-stock offer into an all-cash transaction to simplify the deal and make it more attractive to Warner Bros. shareholders, aiming to counter Paramount's hostile bid. This move initially boosted Netflix's price but was insufficient to regain lost ground.

Paramount extends tender offer deadline for Warner Bros. shares

Paramount surges to 85%49%

Paramount extended the deadline for its tender offer to acquire Warner Bros. shares, signaling persistence in its hostile bid and causing a sharp rise in Paramount's market price as investors anticipated increased chances of success.

Larry Ellison guarantees $40.4 billion for Paramount bid

Paramount drops to 78%7%

Oracle founder Larry Ellison pledged a personal guarantee for $40.4 billion of equity financing for Paramount’s offer, addressing concerns about the bid’s financing and temporarily boosting confidence in Paramount’s chance to close the deal.

Warner Bros. board recommends shareholders reject Paramount's offer in favor of Netflix's

Netflix rises to 31%1%

Warner Bros. Discovery's board publicly rejected Paramount's hostile bid, citing significant risks and debt financing, and urged shareholders to support Netflix's offer, reinforcing Netflix's position despite Paramount's higher cash bid.

Larry Ellison personally guarantees $40.4B in Paramount's hostile bid

Paramount jumps to 31%8%

Larry Ellison, father of Paramount CEO David Ellison, personally guaranteed $40.4 billion in equity financing for Paramount's bid, strengthening the financial backing and credibility of the hostile offer. This caused a significant increase in Paramount's market price.

Paramount extends tender offer deadline to Jan 21

Paramount surges to 85%62%

Paramount announced an extension of its tender offer window, giving shareholders more time to consider its $77.9 billion proposal, which revived hopes for Paramount’s success and lifted its price sharply.

Warner board recommends shareholders back Netflix deal

Netflix plunges to 23%24%

Warner Bros. Discovery’s board issued a formal recommendation that shareholders reject Paramount’s bid and support Netflix’s acquisition, reinforcing market belief that Netflix is the likely acquirer and pushing the Netflix outcome higher.

Netflix revises offer to all‑cash structure

Netflix plunges to 43%23%

Netflix announced it would convert its $72 billion bid for Warner’s studios and streaming business into an all‑cash deal, aiming to simplify the transaction and sway shareholders away from Paramount’s proposal, causing Netflix’s price to surge.

Paramount launches hostile $77.9 billion takeover bid for Warner Bros. Discovery

Paramount challenged Netflix's friendly deal by making a hostile all-cash offer worth $77.9 billion for all of Warner Bros. Discovery, including cable assets Netflix does not want, increasing its market probability sharply.

Warner Bros. recommends shareholders reject Paramount's offer in favor of Netflix's

Paramount plunges to 32%16%

Warner Bros. Discovery's board urged shareholders to reject Paramount's hostile bid, citing risks and costs, and to support Netflix's offer, which it deemed superior. This led to a decline in Paramount's price and a temporary rebound in Netflix's price.

Paramount files Delaware suit demanding valuation details of its bid

Paramount plunges to 28%20%

Paramount Skydance sued Warner Bros. Discovery in Delaware Chancery Court to force disclosure of how the company values Paramount’s offer versus Netflix’s, intensifying the takeover contest and boosting Paramount’s odds.

Netflix announces $72 billion deal to acquire Warner Bros. Discovery

Netflix struck a friendly agreement to buy Warner Bros. Discovery's studios and streaming businesses for $72 billion, setting the initial market expectation for Netflix to close the acquisition.

Paramount launches hostile $77.9B takeover bid for Warner Bros. Discovery

Paramount surges to 77%29%

Paramount initiated a hostile takeover bid for Warner Bros. Discovery, offering $30 per share in cash, surpassing Netflix's $72 billion friendly offer. This move sparked a bidding war and caused Paramount's market price to rise sharply while Netflix's price began to decline.