Warner Bros. Discovery Says Reviewing A Revised Paramount Skydance Bid

(RTTNews) - Warner Bros. Discovery, Inc. (WBD) said Tuesday it has received a revised acquisition proposal from Paramount Skydance Corporation, and that its board is reviewing the offer with financial and legal advisors.

The company said the updated proposal followed discussions between the parties during a seven-day limited waiver period. Warner Bros. Discovery added that its previously announced merger agreement with Netflix, Inc. remains in effect, and the board continues to recommend in favour of the transaction. Shareholders were advised not to take any action at this time regarding the amended Paramount Skydance tender offer. Allen & Company, JPMorgan Chase & Co. and Evercore Inc. are serving as financial advisors to Warner Bros.

WBD shares closed at $28.92, up 0.59% on Monday.