NFLX cpps 98.85 off of a 75.01 low (7 days)

Paramount-Warner Deal Seen Clearing FCC Review; Netflix Warns of Job Cuts – FTMarch 3, 2026 9:30 AM
IH Market News
Paramount’s (NASDAQ:PSKY) proposed $110 billion acquisition of Warner Bros Discovery (NASDAQ:WBD) is expected to secure approval from the U.S. Federal Communications Commission, according to a Financial Times report on Monday that cited comments from FCC Chair Brendan Carr.Speaking to the FT at the Mobile World Congress in Barcelona, Carr said U.S. regulators had previously raised concerns about Warner’s earlier agreement with Netflix (NASDAQ:NFLX), but added that the competitive implications of a merger with Paramount were “drastically different.”Paramount became the sole remaining suitor for Warner after Netflix opted not to match an enhanced $31-per-share bid for the entertainment group.Carr told the FT that the majority of the regulatory review will be handled by the Department of Justice, with the FCC’s involvement limited primarily to assessing the transaction’s financial structure.Paramount’s bid is backed by $47 billion in equity financing, alongside investment from a consortium of Middle Eastern sovereign wealth funds.“All the information that I’ve seen about that foreign debt?.?.?.?is that would qualify under FCC rules as what we call bona fide debt, meaning, it would be a very quick, almost pro forma review,” Carr told the FT.Despite expectations of regulatory clearance, lawmakers from both political parties have voiced concerns about the deal’s competitive impact, particularly in the streaming sector, where consolidation could narrow consumer choice.Separately, Netflix co-CEO Greg Peters cautioned in an interview with the Financial Times that the takeover could result in “severe” job losses across Hollywood.“A bunch of people are going to lose their jobs,” Peters told the FT, just days after Netflix decided against matching Paramount’s improved offer for Warner.“They’re bidding and winning these deals at prices that I can’t make sense of, that don’t seem economic,” Peters told the FT.Paramount Skydance stock priceWarner Brothers Discovery stock priceNetflix stock price

Original: Paramount-Warner Deal Seen Clearing FCC Review; Netflix Warns of Job Cuts – FT

It certainly was for Netflix

Netflix (NFLX) said Friday that Paramount Skydance (PSKY) has paid the $2.8 billion termination fee owed to the streaming company after Warner Bros.' (WBD) departure from its merger deal.

LOL....Easy huh?

Easy Money!!

Netflix jumps after opting not to match Paramount Skydance’s bid for Warner BrosFebruary 27, 2026 6:20 AM
IH Market News
Netflix Inc (NASDAQ:NFLX) said Thursday it will not increase its offer for Warner Bros Discovery Inc (NASDAQ:WBD) after Warner Bros concluded that a revised proposal from Paramount Skydance Corp (NASDAQ:PSKY) represents a superior offer under the terms of its existing merger agreement with the streaming group.Netflix shares climbed nearly 7% in premarket trading on Friday, while Paramount surged about 10% and Warner Bros declined roughly 2%.In a joint statement, Netflix co-CEOs Ted Sarandos and Greg Peters said the agreement they had negotiated offered clear shareholder value and a defined regulatory pathway, but matching Paramount Skydance’s higher proposal would no longer make financial sense.“We’ve always been disciplined, and at the price required to match Paramount Skydance’s latest offer, the deal is no longer financially attractive, so we are declining to match the Paramount Skydance bid,” Sarandos and Peters said.Warner Bros. Discovery’s board reached its conclusion after consulting independent financial and legal advisers. Earlier this week, the company disclosed that Paramount Skydance’s offer values WBD at $31.00 per share in cash, alongside a daily ticking fee equivalent to $0.25 per share per quarter beginning after September 30, 2026.The proposal also includes a $7 billion regulatory termination fee payable by PSKY if the transaction fails due to regulatory issues. Paramount Skydance would additionally cover the $2.8 billion termination fee owed by WBD to Netflix under the existing merger agreement.Larry J. Ellison and an affiliated trust are committed to providing additional equity financing if required to support the solvency certification demanded by PSKY’s lenders. The bid also defines a company material adverse effect clause that excludes performance from WBD’s Global Linear Networks division.Following the announcement, brokerage Raymond James downgraded Warner Bros to Underperform.“Netflix declined to raise its offer, thus effectively ending the bidding war for WBD,” analysts led by Ric Prentiss said in a note. “Since we do not anticipate any more topping bids, WBD now becomes a more traditional “arb spread” stock, and we see more attractive potential returns elsewhere in our coverage universe.”Separately, analysts at Wolfe Research led by Peter Supino said that “if Netflix raised its bid, it risked being perceived as desperate, and it could have taken years to wash that perception away.”“WBD was more a nice to have than need to have for Netflix, and Netflix declining to raise its bid only a few hours into its 4 business day review period is a signal of Netflix’s confidence in its stand-alone prospects,” he continued.Netflix also thanked Warner Bros. Discovery CEO David Zaslav, CFO Gunnar Wiedenfels, Bruce Campbell, Brad Singer and the WBD board for conducting what it described as a fair and thorough process. The company said it believed it would have been a strong steward of Warner Bros.’ brands and that the transaction could have strengthened the entertainment industry while supporting production jobs in the United States.The streaming company reiterated that the deal was always a nice to have at the right price rather than a must have at any price. Netflix added that its core business remains healthy, resilient and growing organically, supported by its content slate and streaming platform. The company plans to invest about $20 billion in films and series this year, expand its offering, and restart its share buyback programme.Netflix stock priceWarner Brothers Discovery stock priceParamount Skydance stock price

Original: Netflix jumps after opting not to match Paramount Skydance’s bid for Warner Bros

Netflix doesn’t need legacy media…. They may of 5 headed paramount…. Because I’d pick Netflix over paramount any day and now paramount is gonna have to drop a ton of capex.

Paramount Poised to Win Warner Deal as Block Jumps — Key Market Movers: Dow Jones, S&P, Nasdaq, Wall Street FuturesFebruary 27, 2026 5:21 AM
IH Market News
U.S. stock index futures moved slightly lower on Friday as investors weighed fresh earnings from major technology companies and reassessed sentiment around artificial intelligence-driven trades. Paramount Skydance (NASDAQ:PSKY) appears set to prevail in the takeover contest for Warner Bros. Discovery (NASDAQ:WBD) after Netflix (NASDAQ:NFLX) withdrew its competing offer, while AI firm Anthropic entered a dispute with the Pentagon. Meanwhile, Jack Dorsey’s Block (NYSE:XYZ) surged after announcing large-scale job cuts, and oil prices edged higher.



Futures drift lower



U.S. equity futures pointed to a softer finish to the week as markets digested a wave of influential technology earnings.As of 02:59 ET (07:59 GMT), Dow futures were down 205 points, or 0.4%, S&P 500 futures slipped 13 points, or 0.2%, and Nasdaq 100 futures traded broadly flat.Wall Street closed mixed on Thursday, with investors focused on results from artificial intelligence heavyweight Nvidia (NASDAQ:NVDA) and cloud software provider Salesforce (NYSE:CRM).Although Nvidia delivered quarterly earnings above expectations, investors remained cautious amid growing competition, questions about the durability of strong demand, and uncertainty over when meaningful returns will materialize. Shares of Nvidia — a major index component — fell more than 5%.Salesforce shares advanced despite issuing a weaker-than-anticipated annual revenue outlook. Analysts at Vital Knowledge described the results as “no worse than feared.”The session also saw what analysts called a “violent rotation” within technology stocks, as capital shifted away from hardware-oriented names such as semiconductors and data center infrastructure toward software and data-focused companies.According to analysts, “small red flags” from Nvidia alongside relief over results from Salesforce and peer Workday — combined with comments earlier this week from AI startup Anthropic about aiming to “compliment and augment, not kill” software companies — helped fuel the rotation.



Paramount leads Warner bidding battle



Paramount Skydance has emerged as the likely victor in the prolonged takeover struggle for Warner Bros. Discovery after Netflix unexpectedly stepped away from negotiations.Netflix executives — whose shares rose in after-hours trading following the announcement — said the deal was “always a ’nice to have’ at the right price,” but “not a ’must have’ at any price.” While Netflix has the financial capacity to pursue acquisitions, some investors had questioned the strategic logic of buying a traditional media company.Warner Bros.’ board determined Paramount’s $31-per-share all-cash proposal represented a superior offer, prompting Netflix to reconsider its position. After receiving four days to respond, Netflix opted not to match the bid and abandoned its $27.75-per-share proposal covering Warner Bros.’ studios and HBO Max.The development positions Paramount — controlled by David Ellison, son of technology billionaire Larry Ellison — to build a larger entertainment group incorporating franchises such as “Harry Potter” and “Game of Thrones.” If approved by regulators, the transaction would also give Paramount control of cable networks including CNN and TBS.Warner Bros. CEO David Zaslav said a Paramount transaction would “create tremendous value for our shareholders.” Paramount shares rose in extended trading, while Warner Bros. stock declined.



Anthropic clashes with Pentagon



Artificial intelligence company Anthropic said it would refuse Pentagon demands to remove safeguards embedded in its AI systems, creating tension between one of the sector’s leading startups and the U.S. government.The dispute centers on a Pentagon request to eliminate protections that prevent the technology from being used for domestic surveillance or autonomous weapons applications.The Defense Department has warned it could terminate its partnership with Anthropic and classify the firm as a “supply chain risk” if the company does not comply. Defense Secretary Pete Hegseth reportedly set a Friday deadline for Anthropic to allow the technology’s use in all lawful scenarios.Anthropic CEO Dario Amodei said he could not agree “in good conscience,” arguing that the military’s request would effectively dismantle the system’s safety guardrails.



Block shares surge



Shares of Block jumped more than 23% in after-hours trading after the payments firm announced plans to cut nearly half of its workforce as part of a strategy to integrate artificial intelligence more deeply across its operations.The reductions — expected to eliminate more than 4,000 positions — come as companies increasingly reshape staffing structures around AI adoption, raising broader concerns about employment impacts despite productivity gains.Block CEO Jack Dorsey said that “ntelligence tools have changed what it means to build and run a company,” adding “[w]e’re already seeing it internally” and “[a] significantly smaller team using the tools can do more and do it better[.]”Although the company anticipates up to $500 million in restructuring costs, analysts cited by Reuters suggested the sharp share price rise reflects expectations that leaner staffing could improve profitability margins.



Oil edges higher after U.S.–Iran talks



Oil prices moved modestly higher but remained on track for weekly declines after the United States and Iran agreed to continue negotiations over Tehran’s nuclear program, easing fears of supply disruptions.Brent crude futures gained 0.7% to $71.29 per barrel, while U.S. West Texas Intermediate futures rose 0.8% to $65.74 per barrel.For the week, Brent prices were largely unchanged, while WTI was set to fall roughly 1%, reversing part of the prior week’s advance.Talks between Washington and Tehran ended Thursday without a definitive agreement, but technical discussions are scheduled to resume next week in Vienna, Omani Foreign Minister Sayyid Badr Albusaidi said in a post on X following meetings in Geneva.Geopolitical tensions involving Iran have been a key driver of oil price movements throughout February, as the United States increased its military presence in the Middle East and warned of potential action if negotiations failed.Warner Brothers Discovery stock priceNetflix stock priceParamount Skydance stock priceBlock stock priceNvidia stock priceSalesforce stock price

Original: Paramount Poised to Win Warner Deal as Block Jumps — Key Market Movers: Dow Jones, S&P, Nasdaq, Wall Street Futures

Netflix in the Market Selection Phase: Opportunity Within Saturation

The global streaming market has entered a stage of maturity. The number of platforms is high, content supply is massive, and consumers are becoming increasingly rational. The era of uncontrolled growth fueled by cheap capital is over. What follows is a phase of market selection.

In such an environment, the advantage shifts to companies that:

generate stable free cash flow

operate with global distribution scale

can amortize high content costs across a broad subscriber base

Netflix today stands in a significantly stronger position than it did a few years ago. The company has moved beyond its phase of aggressive cash burn and is now harvesting the benefits of global scale. While many competitors are caught between declining linear TV models and unprofitable streaming divisions, Netflix remains fully focused on its direct-to-consumer model.

Market saturation does not necessarily represent weakness. It can serve as a catalyst for consolidation. When smaller or highly leveraged players begin cutting budgets, reducing production, or delaying investments, the market leader gains relative strength without the need for aggressive acquisitions.

An additional structural factor is technological efficiency. The integration of AI tools into production, analytics, and content personalization has the potential to materially reduce cost per hour of content while increasing the probability of commercial success. In a business where content represents the largest expense, operational optimization directly impacts margins.

There are no guarantees. Competitors still control strong intellectual property, and consumers can rotate subscriptions. However, in a phase of rationalization, scale, data ownership, and balance sheet strength tend to prevail.

If certain competitors weaken, Netflix does not need to act aggressively. Financial discipline, operational efficiency, and technological leverage may be sufficient to further solidify its leadership position.

In a saturated market, the winner is not the loudest player — but the most stable one.

Netflix is big winner in warner Takeover Battle as CEO puts shareholders over ego - Barrons.com

The winner in the battle for Warner Bros. Discovery was the loser.

In a mild surprise, Netflix dropped out of the bidding late Thursday after Warner Bros. deemed superior the recent offer from Paramount Skydance .

Wall Street is thrilled and relieved about Netflix 's financial discipline, with Netflix stock up 10% in after-hours trading to $93.39 , after rising 2% in regular trading Thursday. The stock now has gained about 20% so far this week.

Barron's argued in an article late last week that Wall Street would reward the losing bidder. " Netflix stock could get a nice bump if it's topped by Paramount since Wall Street wishes it would give up its pursuit and focus on its dominant global streaming platform," Barron's wrote.

The view among most Netflix investors was that company was overpaying with its original $82 billion offer for most of Warner Bros. Wall Street punished Netflix stock, which was above $100 when the deal was originally announced on Dec. 5 . Netflix will now receive a $2.8 billion breakup fee.
"We believe this is the best move for $NFLX shareholders and with the $2.8B termination fee for new content we believe NFLX stock can return to the $100 /share level at which it was trading before its Dec. 5 bid for $WBD,' tweeted Gary Black , the managing partner of the Future Fund .

The original Netflix deal was dubious on several fronts. It would have paid a high price -- 25 times projected 2026 ebitda (earnings before interest, taxes, depreciation and amortization) before synergies -- for the Warner streaming and studio business when media valuations have collapsed with Disney valued at 10 times. It would have taken on $50 billion - plus of debt which could have crimped or eliminated stock repurchases for a few years.

Paramount now will prevail w ith its all-cash $31 a share offer for all of Warner Bros, a deal worth close to $80 billion plus the assumption of around $30 billion of Warner Bros. debt.

Paramount stock is up 5% to $11.77 in after-hours trading while Warner Bros. stock is down 1.5% to $28.37 .

Paramount fans may view the deal as a win because the company didn't have to pay $33 a share or more to win Warner Bros as some expected.
Warner Bros stock now trades at an 8% discount to the current deal value with Paramount hoping to close on the transaction in 2026. Look for takeover arbitrageurs to evaluate Warner Bros stock Friday given the fairly ample deal spread.

The betting markets lately have had Paramount as the slight favorite after it submitted its new offer, which topped its original offer of $30 a share.
With its greater financial resources. Netflix could easily have won. It probably could have won the day by boosting its bid by just $1 to $2 a share. But the company chose to walk away.

Here' s what Netflix said late Thursday: "The transaction we negotiated would have created shareholder value with a clear path to regulatory approval. However, we've always been disciplined, and at the price required to match Paramount Skydance's latest offer, the deal is no longer financially attractive, so we are declining to match the Paramount Skydance bid."

It's stunning that Paramount was able to win the battle since its market value is just $12 billion against almost $400 billion for Netflix . It's almost unprecedented for such a small company to outbid a so much larger one for such a large asset.

The Paramount victory is due to the willingness of Oracle chairman and billionaire Larry Ellison to backstop a big chunk of the deal and give his son David, the Paramount CEO, the prize he seeks. But Paramount will take on a lot of debt to get the deal done and that will put pressure on it to potentially slash costs at the combined company. Some have estimated that Paramount's debt after the deal will be about seven times its annual earnings before interest, taxes, deprecation and amortization (Ebitda) -- double what most companies view as prudent.

Netflix co-CEO Ted Sarandos is viewed as the most powerful man in Hollywood , and it's notable that he was willing to put the interests of Netflix investors over ego in letting the Ellisons win Warner.

Netflix drops bid for Warner Bros, collects 2.8 Billion vreak up fee

10:42 PM EST, 02/26/2026 (MT Newswires) --

Netflix (NFLX) has abandoned its plan to acquire Warner Bros. Discovery (WBD) on Thursday, handing the deal to Paramount Skydance (PSKY), but still walking away with a $2.8 billion breakup fee.

Warner Bros.' board had earlier announced that it determined Paramount's latest $111 billion proposal as "superior" to Netflix's $82.7 billion offer.
"[A]t the price required to match Paramount Skydance's latest offer, the deal is no longer financially attractive, so we are declining to match the Paramount Skydance bid," said Netflix co-CEOs Ted Sarandos and Greg Peters in a statement.

Paramount said in its latest offer for Warner Bros. that it will fund the termination fee payable to Netflix.

In after-hours trading, Netflix's shares jumped more than 8% and Paramount's shares rose 6%; meanwhile, shares of Warner Bros. edged down 1.7%.

Exactly

Netflix Declines to Raise Offer for Warner Bros.February 26, 2026 5:45 PM
PR Newswire (US)

HOLLYWOOD, Calif., Feb. 26, 2026 /PRNewswire/ -- Netflix, Inc. today announced that it has declined to raise its offer for Warner Bros. Netflix had earlier received notice from Warner Bros. Discovery (WBD) that its Board of Directors has determined Paramount Skydance's (PSKY) latest proposal constitutes a "Superior Proposal" under the terms of WBD's existing merger agreement with Netflix. Netflix issued the following statement in response from co-CEOs Ted Sarandos and Greg Peters:







The transaction we negotiated would have created shareholder value with a clear path to regulatory approval. However, we've always been disciplined, and at the price required to match Paramount Skydance's latest offer, the deal is no longer financially attractive, so we are declining to match the Paramount Skydance bid.Warner Bros. is a world-class organization, and we want to thank David Zaslav, Gunnar Wiedenfels, Bruce Campbell, Brad Singer and the WBD Board for running a fair and rigorous process. We believe we would have been strong stewards of Warner Bros.' iconic brands, and that our deal would have strengthened the entertainment industry and preserved and created more production jobs in the U.S.  But this transaction was always a 'nice to have' at the right price, not a 'must have' at any price.Netflix's business is healthy, strong and growing organically, powered by our slate and best-in-class streaming service. This year, we'll invest approximately $20 billion in quality films and series and will expand our entertaining offering. Consistent with our capital allocation policy, we'll also resume our share repurchase program.We will continue to do what we've done for more than 20 years as a public company: delight our members, profitably grow our business, and drive long-term shareholder value.About NetflixNetflix is one of the world's leading entertainment services offering TV series, films, games and live programming across a wide variety of genres and languages. Members can play, pause and resume watching as much as they want, anytime, anywhere, and can change their plans at any time.Important Information and Where to Find ItIn connection with the proposed transaction between Netflix and WBD, WBD filed a definitive proxy statement on Schedule 14A (the "Proxy Statement") with the U.S. Securities and Exchange Commission (the "SEC"). The Proxy Statement was first mailed to WBD stockholders on or around February 17, 2026. Each of Netflix and WBD may also file with or furnish to the SEC other relevant documents regarding the proposed transaction. This communication is not a substitute for the Proxy Statement or any other document that Netflix or WBD may file with the SEC or mail to WBD's stockholders in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF NETFLIX AND WBD ARE URGED TO READ THE PROXY STATEMENT, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE INTO THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING NETFLIX, WBD, THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the Proxy Statement as well as other filings containing information about Netflix and WBD, without charge, at the SEC's website, https://www.sec.gov. The documents filed by Netflix with the SEC also may be obtained free of charge at Netflix's website at https://ir.netflix.net/home/default.aspx. The documents filed by WBD with the SEC also may be obtained free of charge at WBD's website at https://ir.wbd.com.Participants in the SolicitationNetflix, WBD and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of WBD in connection with the proposed transaction under the rules of the SEC. Information about the interests of the directors and executive officers of WBD and other persons who may be deemed to be participants in the solicitation of stockholders of WBD in connection with the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, is included in the Proxy Statement, which has been filed by WBD with the SEC. Information about WBD's directors and executive officers is set forth in WBD's proxy statement for its 2025 Annual Meeting of Stockholders on Schedule 14A filed with the SEC on April 23, 2025, WBD's Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent filings with the SEC. Information about Netflix's directors and executive officers is set forth in Netflix's proxy statement for its 2025 Annual Meeting of Stockholders on Schedule 14A filed with the SEC on April 17, 2025, and any subsequent filings with the SEC. Additional information regarding the direct and indirect interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained by reading the Proxy Statement regarding the proposed transaction. Free copies of these documents may be obtained as described above.Cautionary Statement Regarding Forward-Looking StatementsThis document contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on Netflix's and WBD's current expectations, estimates and projections about the expected date of closing of the proposed transaction and the potential benefits thereof, their respective businesses and industries, management's beliefs and certain assumptions made by Netflix and WBD, all of which are subject to change. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "could," "seek," "see," "will," "may," "would," "might," "potentially," "estimate," "continue," "expect," "target," similar expressions or the negatives of these words or other comparable terminology that convey uncertainty of future events or outcomes. All forward-looking statements by their nature address matters that involve risks and uncertainties, many of which are beyond our control and are not guarantees of future results, such as statements about the consummation of the proposed transaction and the anticipated benefits thereof. These and other forward-looking statements, including the failure to consummate the proposed transaction or to make or take any filing or other action required to consummate the transaction on a timely matter or at all, are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to: (i) the completion of the proposed transaction on anticipated terms and timing, including obtaining stockholder and regulatory approvals, completing the separation of WBD's Discovery Global business ("Discovery Global") and Warner Bros. business, anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies, expansion and growth of WBD's and Netflix's businesses and other conditions to the completion of the proposed transaction; (ii) failure to realize the anticipated benefits of the proposed transaction, including as a result of delay in completing the transaction or integrating the businesses of Netflix and WBD; (iii) Netflix's and WBD's ability to implement their business strategies; (iv) consumer viewing trends; (v) potential litigation relating to the proposed transaction that could be instituted against Netflix, WBD or their respective directors; (vi) the risk that disruptions from the proposed transaction will harm Netflix's or WBD's business, including current plans and operations; (vii) the ability of Netflix or WBD to retain and hire key personnel; (viii) potential adverse reactions or changes to business relationships resulting from the announcement, pendency or completion of the proposed transaction; (ix) uncertainty as to the long-term value of Netflix's common stock; (x) legislative, regulatory and economic developments affecting Netflix's and WBD's businesses; (xi) general economic and market developments and conditions; (xii) the evolving legal, regulatory and tax regimes under which Netflix and WBD operate; (xiii) potential business uncertainty, including changes to existing business relationships, during the pendency of the proposed transaction that could affect Netflix's or WBD's financial performance; (xiv) restrictions during the pendency of the proposed transaction that may impact Netflix's or WBD's ability to pursue certain business opportunities or strategic transactions; (xv) failure to receive the approval of the stockholders of WBD; (xvi) the final allocation of indebtedness between WBD and Discovery Global in connection with the separation could cause a reduction to the consideration for the proposed transaction; (xvii) inherent uncertainties involved in the estimates and assumptions used in the preparation of financial projections, and inherent uncertainties involved in the estimates and judgments used to estimate the differences between WBD's Global Linear Networks segment results and the expected results of Discovery Global; and (xviii) volatility or a decline in the market price for Discovery Global common stock following the separation. Discussions of additional risks and uncertainties are contained in Netflix's and WBD's filings with the SEC, including their Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, and the Proxy Statement filed by WBD in connection with the proposed transaction. While the list of factors presented here and in the Proxy Statement are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Netflix's or WBD's consolidated financial condition, results of operations or liquidity. Neither Netflix nor WBD assumes any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.



View original content to download multimedia:https://www.prnewswire.com/news-releases/netflix-declines-to-raise-offer-for-warner-bros-302699059.htmlSOURCE Netflix, Inc.

Original: Netflix Declines to Raise Offer for Warner Bros.

Ok back to 120 we dont need them

PARAMOUNT COMMENTS ON WARNER BROS. DISCOVERY BOARD'S DETERMINATION OF PARAMOUNT'S PROPOSAL AS SUPERIORFebruary 26, 2026 4:35 PM
PR Newswire (US)

LOS ANGELES and NEW YORK, Feb. 26, 2026 /PRNewswire/ -- Paramount Skydance Corporation (NASDAQ: PSKY) ("Paramount") confirms that it has been notified by Warner Bros. Discovery, Inc. (NASDAQ: WBD) ("WBD") that WBD's Board of Directors has determined that Paramount's $31 per share, all-cash proposal to acquire WBD is a "Company Superior Proposal" under the terms of WBD's merger agreement with Netflix, Inc. (NASDAQ: NFLX).David Ellison, Chairman and CEO of Paramount, said: "We are pleased WBD's Board has unanimously affirmed the superior value of our offer, which delivers to WBD shareholders superior value, certainty and speed to closing."Under the terms of Paramount's proposed merger agreement:Paramount will acquire WBD for $31.00 per WBD share in cash for 100% of the company;A daily "ticking fee" of $0.25 per quarter will accrue after September 30, 2026, until the consummation of the Paramount transaction;A regulatory termination fee of $7 billion would be payable in the event the transaction does not close due to regulatory matters;Paramount will pay the $2.8 billion termination fee which WBD is required to pay to Netflix to terminate its existing Netflix merger agreement;Paramount will eliminate WBD's potential $1.5 billion financing cost associated with its debt exchange offer;The "Company Material Adverse Effect" definition excludes the performance of WBD's Global Linear Networks business;The Ellison Trust is providing a $45.7 billion equity commitment, and Larry Ellison is guaranteeing such commitment, including an obligation to contribute additional equity funding to Paramount to the extent needed to support the solvency certificate required by Paramount's lending banks, andBank of America Merrill Lynch, Citi and Apollo are providing a $57.5 billion debt commitment.The entry into Paramount's proposed transaction requires the expiration of a four business day match period, termination of the Netflix merger agreement and execution of a definitive merger agreement between Paramount and WBD.As previously announced, the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act applicable to Paramount's acquisition of WBD expired at 11:59 pm on February 19, 2026.Centerview Partners LLC and RedBird Advisors are acting as lead financial advisors to Paramount, and Bank of America Securities, Citi, M. Klein & Company and LionTree are also acting as financial advisors. Cravath, Swaine & Moore LLP and Latham & Watkins LLP are acting as legal counsel to Paramount.About Paramount, a Skydance CorporationParamount, a Skydance Corporation (Nasdaq: PSKY) is a leading, next generation global media and entertainment company, comprised of three business segments: Studios, Direct-to-Consumer, and TV Media. The Company's portfolio unites legendary brands, including Paramount Pictures, Paramount Television, CBS – America's most-watched broadcast network, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, Pluto TV, and Skydance's Animation, Film, Television, Interactive/Games, and Sports divisions. For more information please visit www.paramount.com.Cautionary Note Regarding Forward-Looking Statements This communication contains both historical and forward-looking statements, including statements related to Paramount Skydance Corporation's ("Paramount") future financial results and performance, potential achievements, anticipated reporting segments and industry changes and developments. All statements that are not statements of historical fact are, or may be deemed to be, "forward-looking statements". Similarly, statements that describe Paramount's objectives, plans or goals are or may be forward-looking statements. These forward-looking statements reflect Paramount's current expectations concerning future results and events; generally can be identified by the use of statements that include phrases such as "believe," "expect," "anticipate," "intend," "plan," "foresee," "likely," "will," "may," "could," "estimate" or other similar words or phrases; and involve known and unknown risks, uncertainties and other factors that are difficult to predict and which may cause Paramount's actual results, performance or achievements to be different from any future results, performance or achievements expressed or implied by these statements. These risks, uncertainties and other factors include, among others:  the outcome of the tender offer by Paramount and Prince Sub Inc. (the "Tender Offer") to purchase for cash all of the outstanding Series A common stock of Warner Bros. Discovery, Inc. ("WBD") or any discussions between Paramount and WBD with respect to a possible transaction (including, without limitation, by means of the Tender Offer, the "Potential Transaction"), including the possibility that the Tender Offer will not be successful, that the parties will not agree to pursue a business combination transaction or that the terms of any such transaction will be materially different from those described herein; the conditions to the completion of the Potential Transaction or the previously announced transaction between WBD and Netflix, Inc. ("Netflix") pursuant to the Agreement and Plan of Merger, dated December 4, 2025, among Netflix, Nightingale Sub, Inc., WBD and New Topco 25, Inc. (the "Proposed Netflix Transaction"), including the receipt of any required stockholder and regulatory approvals for either transaction, the proposed financing for the Potential Transaction, the indebtedness Paramount expects to incur in connection with the Potential Transaction and the total indebtedness of the combined company; the possibility that Paramount may be unable to achieve expected synergies and operating efficiencies within the expected timeframes or at all and to successfully integrate the operations of WBD with those of Paramount, and the possibility that such integration may be more difficult, time-consuming or costly than expected or that operating costs and business disruption (including, without limitation, disruptions in relationships with employees, customers or suppliers) may be greater than expected in connection with the Potential Transaction; risks related to Paramount's streaming business; the adverse impact on Paramount's advertising revenues as a result of changes in consumer behavior, advertising market conditions and deficiencies in audience measurement; risks related to operating in highly competitive and dynamic industries, including cost increases; the unpredictable nature of consumer behavior, as well as evolving technologies and distribution models; risks related to Paramount's decisions to make investments in new businesses, products, services and technologies, and the evolution of Paramount's business strategy; the potential for loss of carriage or other reduction in or the impact of negotiations for the distribution of Paramount's content; damage to Paramount's reputation or brands; losses due to asset impairment charges for goodwill, intangible assets, FCC licenses and content; liabilities related to discontinued operations and former businesses; increasing scrutiny of, and evolving expectations for, sustainability initiatives; evolving business continuity, cybersecurity, privacy and data protection and similar risks; content infringement; domestic and global political, economic and regulatory factors affecting Paramount's businesses generally, including tariffs and other changes in trade policies; the inability to hire or retain key employees or secure creative talent; disruptions to Paramount's operations as a result of labor disputes; the risks and costs associated with the integration of, and Paramount's ability to integrate, the businesses of Paramount Global and Skydance Media, LLC successfully and to achieve anticipated synergies; volatility in the prices of Paramount's Class B Common Stock; potential conflicts of interest arising from Paramount's ownership structure with a controlling stockholder; and other factors described in Paramount's news releases and filings with the Securities and Exchange Commission (the "SEC"), including but not limited to Paramount Global's most recent Annual Report on Form 10-K and Paramount's reports on Form 10-Q and Form 8-K. There may be additional risks, uncertainties and factors that Paramount does not currently view as material or that are not necessarily known. The forward-looking statements included in this communication are made only as of the date of this report, and Paramount does not undertake any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances.Additional Information This communication does not constitute an offer to buy or a solicitation of an offer to sell securities. This communication relates to a proposal that Paramount has made for an acquisition of WBD, the Tender Offer that Paramount, through Prince Sub Inc., its wholly owned subsidiary, has made to WBD stockholders, and Paramount's intention to solicit proxies against the Proposed Netflix Transaction and other proposals to be voted on by WBD stockholders at the special meeting of WBD stockholders to be held to approve the Proposed Netflix Transaction (the "Netflix Merger Solicitation") and/or for use at the WBD annual meeting of stockholders. The Tender Offer is being made pursuant to a tender offer statement on Schedule TO (including the offer to purchase, the letter of transmittal and other related offer documents), filed with the SEC on December 8, 2025. These materials, as may be amended from time to time, contain important information, including the terms and conditions of the offer. Subject to future developments, Paramount (and, if a negotiated transaction is agreed, WBD) may file additional documents with the SEC. This communication is not a substitute for any proxy statement, tender offer statement, or other document Paramount and/or WBD may file with the SEC in connection with the Potential Transaction.Paramount, Prince Sub Inc. and the other participants in the Netflix Merger Solicitation have filed a preliminary proxy statement and the accompanying BLUE proxy card with the SEC on January 22, 2026 in connection with the Netflix Merger Solicitation (the "Special Meeting Preliminary Proxy Statement"). Paramount expects to file a definitive proxy statement and the accompanying proxy card with the SEC in connection with the Netflix Merger Solicitation and may file other proxy solicitation materials in connection therewith or the annual meeting of WBD stockholders, or other documents with the SEC.PARAMOUNT STRONGLY ADVISES ALL STOCKHOLDERS OF WBD TO READ THE SPECIAL MEETING PRELIMINARY PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING INFORMATION RELATED TO THE PARTICIPANTS. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, PARAMOUNT AND THE OTHER PARTICIPANTS IN SUCH PROXY SOLICITATIONS WILL PROVIDE COPIES OF THE APPLICABLE PROXY STATEMENTS WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR SUCH COPIES SHOULD BE DIRECTED TO THE APPLICABLE PROXY SOLICITOR. Participants in the SolicitationThe participants in the Netflix Merger Solicitation are expected to be Paramount, Prince Sub Inc., certain directors and executive officers of Paramount and Prince Sub Inc., Lawrence Ellison, RedBird Capital Management and The Lawrence J. Ellison Revocable Trust, u/a/d 1/22/88, as amended. Additional information about the participants in the Netflix Merger Solicitation is available in the Special Meeting Preliminary Proxy Statement.PSKY-IRMedia Contacts:
Paramount
Melissa Zukerman / Laura Watson
msz@paramount.com / laura.watson@paramount.comBrunswick Group
ParamountSkydance@brunswickgroup.comGagnier Communications
Dan Gagnier
dg@gagnierfc.comInvestor Contacts:
Paramount 
Kevin Creighton / Logan Thomas
kevin.creighton@paramount.com / logan.thomas @teena
Toll-Free: (844) 343-2621
info@okapipartners.com 



View original content:https://www.prnewswire.com/news-releases/paramount-comments-on-warner-bros-discovery-boards-determination-of-paramounts-proposal-as-superior-302699028.htmlSOURCE Paramount Skydance Corporation

Original: PARAMOUNT COMMENTS ON WARNER BROS. DISCOVERY BOARD'S DETERMINATION OF PARAMOUNT'S PROPOSAL AS SUPERIOR

Warner Bros. Discovery Board of Directors Determines Revised Proposal from Paramount Skydance Constitutes a "Company Superior Proposal"February 26, 2026 4:15 PM
PR Newswire (US)

Revised PSKY Proposal Values WBD at Per Share Price of $31.00; Netflix Now Has a Four Business Day Match Period NEW YORK, Feb. 26, 2026 /PRNewswire/ -- Warner Bros. Discovery, Inc. ("WBD") (NASDAQ: WBD) today announced that its Board of Directors (the "Board"), following consultation with its independent financial and legal advisors, has determined that the previously disclosed proposal from Paramount Skydance Corporation ("PSKY") (NASDAQ: PSKY) constitutes a "Company Superior Proposal" as defined in WBD's merger agreement with Netflix, Inc. ("Netflix") (NASDAQ: NFLX).As disclosed by WBD on February 24, 2026, PSKY's proposal includes a purchase price of $31.00 per WBD share in cash, plus a daily ticking fee equal to $0.25 per share per quarter beginning after September 30, 2026, as well as a $7 billion regulatory termination fee payable by PSKY in the event the transaction does not close due to regulatory matters, payment by PSKY of the $2.8 billion termination fee that WBD would be required to pay to Netflix to terminate the existing Netflix merger agreement, an obligation of Larry J. Ellison and an associated trust to contribute additional equity funding to the extent needed to support the solvency certificate required by PSKY's lending banks, and a "Company Material Adverse Effect" definition that excludes the performance of WBD's Global Linear Networks segment.WBD has notified Netflix of its determination that the PSKY proposal constitutes a "Company Superior Proposal." Under the terms of the Netflix merger agreement, this notice triggers a four business day period during which Netflix has the right to propose revisions to the Netflix merger agreement so that the PSKY proposal would cease to constitute a "Company Superior Proposal." Following the conclusion of this period, if the Board determines in good faith, after consultation with its independent financial and legal advisors, that, after considering any revisions to the terms of the Netflix merger agreement proposed by Netflix, the PSKY proposal continues to constitute a "Company Superior Proposal," WBD would be entitled to terminate the Netflix merger agreement.The Netflix merger agreement remains in effect, and the Board continues to recommend in favor of the Netflix transaction and has not withdrawn or modified its recommendation.Allen & Company, J.P. Morgan and Evercore are serving as financial advisors to Warner Bros. Discovery and Wachtell, Lipton, Rosen & Katz and Debevoise & Plimpton LLP are serving as legal counsel.About Warner Bros. Discovery:Warner Bros. Discovery is a leading global media and entertainment company that creates and distributes the world's most differentiated and complete portfolio of branded content across television, film, streaming and gaming. Warner Bros. Discovery inspires, informs and entertains audiences worldwide through its iconic brands and products including: Discovery Channel, HBO Max, discovery+, CNN, DC, TNT Sports, Eurosport, HBO, HGTV, Food Network, OWN, Investigation Discovery, TLC, Magnolia Network, TNT, TBS, truTV, Travel Channel, Animal Planet, Science Channel, Warner Bros. Motion Picture Group, Warner Bros. Television Group, Warner Bros. Pictures Animation, Warner Bros. Games, New Line Cinema, Cartoon Network, Adult Swim, Turner Classic Movies, Discovery en Español, Hogar de HGTV and others. For more information, please visit www.wbd.com.Important Information about the Tender Offer and Where to Find ItWBD has filed a solicitation/recommendation statement on Schedule 14D-9 with respect to the tender offer (the "tender offer") by a subsidiary of PSKY with the Securities and Exchange Commission (the "SEC"). INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE SOLICITATION/RECOMMENDATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TENDER OFFER. Investors and security holders may obtain free copies of the solicitation/recommendation statement as well as other filings by WBD, without charge, at the SEC's website, https://www.sec.gov. In addition, free copies of documents filed with the SEC by WBD will be made available free of charge on WBD's investor relations website at https://ir.wbd.com.Important Information about the Transaction and Where to Find ItThis communication may be deemed to be solicitation material in respect of the proposed transaction between WBD and Netflix (the "proposed transaction"). In connection with the proposed transaction, WBD filed a definitive proxy statement (the "Proxy Statement") with the SEC. The Proxy Statement was first mailed to WBD stockholders on or around February 17, 2026. INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the Proxy Statement as well as other filings containing information about WBD and Netflix, without charge, at the SEC's website, https://www.sec.gov. Free copies of the Proxy Statement and each company's other filings with the SEC may also be obtained from the respective companies. Free copies of documents filed with the SEC by WBD will be made available on WBD's investor relations website at https://ir.wbd.com. Free copies of documents filed with the SEC by Netflix will be made available on Netflix's investor relations website at https://ir.netflix.net.Participants in the SolicitationWBD and Netflix and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction.  Information about the directors and executive officers of WBD is set forth in its Annual Report on Form 10-K for the year ended December 31, 2024, under the heading "Executive Officers of Warner Bros. Discovery, Inc.," and its definitive proxy statement filed with the SEC on April 23, 2025, under the heading "Proposal 1: Election of Directors." Information about the directors and executive officers of Netflix is set forth in its definitive proxy statement filed with the SEC on April 17, 2025, under the headings "Our Board of Directors" and "Our Company Executive Officers." Investors may obtain additional information regarding the interests of such participants by reading the Proxy Statement and other relevant materials regarding the proposed transaction when they become available.Forward-Looking StatementsInformation set forth in this communication, including financial estimates and statements as to the expected timing, completion and effects of the proposed transaction between WBD and Netflix, constitute forward-looking statements. These estimates and statements are subject to risks and uncertainties, and actual results might differ materially. Such estimates and statements include, but are not limited to, statements about the benefits of the proposed transaction, including future financial and operating results, the combined company's plans, objectives, expectations and intentions, statements about the tender offer and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the management of WBD and Netflix and are subject to significant risks and uncertainties outside of our control.Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are the following: (1) the completion of the proposed transaction may not occur on the anticipated terms and timing or at all; (2) the occurrence of any event, change or other circumstances that could give rise to the termination of the proposed transaction; (3) the risk that WBD stockholders may not approve the proposed transaction; (4) the risk that the necessary regulatory approvals for the proposed transaction may not be obtained or may be obtained subject to conditions that are not anticipated; (5) risks that any of the closing conditions to the proposed transaction may not be satisfied in a timely manner; (6) the final allocation of indebtedness between WBD and a newly formed subsidiary ("Discovery Global") in connection with the separation could cause a reduction to the consideration for the proposed transaction; (7) risks related to litigation brought in connection with the proposed transaction; (8) risks related to disruption of management time from ongoing business operations due to the proposed transaction; (9) effects of the announcement, pendency or completion of the proposed transaction on the ability of WBD to retain customers and retain and hire key personnel and maintain relationships with suppliers, distributors, advertisers, content providers, vendors and other business partners, and on its operating results and business generally; (10) negative effects of the announcement or the consummation of the proposed transaction on the market price of WBD common stock; (11) risks related to the potential impact of general economic, political and market factors on the companies or the proposed transaction; (12) inherent uncertainties involved in the estimates and assumptions used in the preparation of financial projections, and inherent uncertainties involved in the estimates and judgments used to estimate the differences between WBD's Global Linear Networks segment results and the expected results of Discovery Global; (13) the risk that Discovery Global, as a new company that currently has no credit rating, will not have access to the capital markets on acceptable terms; (14) the risk that Discovery Global may be unable to achieve some or all of the benefits that WBD expects Discovery Global to achieve as an independent, publicly-traded company; (15) the risk that Discovery Global may be more susceptible to market fluctuations and other adverse events than it would have otherwise been while still a part of WBD; (16) the risk that Discovery Global will incur significant indebtedness in connection with the separation, and the degree to which it will be leveraged following completion of the separation may materially and adversely affect its business, financial condition and results of operations; (17) the ability to obtain or consummate financing or refinancing related to the proposed transaction or the separation upon acceptable terms or at all; (18) volatility or a decline in the market price for Discovery Global common stock following the separation; (19) uncertainties as to how many WBD stockholders will tender their shares in the tender offer; (20) the conditions to the completion of the tender offer, including the receipt of any required stockholder and regulatory approvals; (21) PSKY's ability to finance the tender offer and the indebtedness PSKY expects to incur in connection with the tender offer; (22) the possibility that PSKY may be unable to achieve expected synergies and operating efficiencies within the expected timeframes or at all and to successfully integrate WBD's operations with those of PSKY, and the possibility that such integration may be more difficult, time-consuming or costly than expected or that operating costs and business disruption (including, without limitation, disruptions in relationships with employees, customers or suppliers) may be greater than expected in connection with the tender offer; and (23) the response of WBD, Netflix or PSKY management to any of the aforementioned factors. Discussions of additional risks and uncertainties are contained in WBD's and Netflix's filings with the SEC, including their Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, and the Proxy Statement filed by WBD in connection with the proposed transaction. Neither WBD nor Netflix is under any obligation, and each expressly disclaims any obligation, to update, alter, or otherwise revise any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events, or otherwise, except to the extent required by applicable law. Persons reading this announcement are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof.



View original content:https://www.prnewswire.com/news-releases/warner-bros-discovery-board-of-directors-determines-revised-proposal-from-paramount-skydance-constitutes-a-company-superior-proposal-302699009.htmlSOURCE Warner Bros. Discovery, Inc.

Original: Warner Bros. Discovery Board of Directors Determines Revised Proposal from Paramount Skydance Constitutes a "Company Superior Proposal"

Only if I bought yesterday, which I did not

Double Top Breakout on 25 Feb 2026. GLTA

Because it creates a lot of debt and in the end the Government most likely would stop it from happening anyway.

They aren't going to let that pass.

Great opp for us though, right?

Obviously Wall Street does not like the deal for NFLX. Danged if I understand the intricacies of it

Netflix CFO to Participate in a Q&A session at the Morgan Stanley Technology, Media & Telecom ConferenceFebruary 25, 2026 12:00 PM
PR Newswire (US)

LOS GATOS, Calif., Feb. 25, 2026 /PRNewswire/ -- Netflix, Inc. (Nasdaq: NFLX) announced today that its CFO Spence Neumann will participate in a Q&A session at the Morgan Stanley Technology, Media & Telecom Conference on Wednesday, March 4, 2026. Mr. Neumann is scheduled to present at 1:50 p.m. Pacific Time / 4:50 p.m. Eastern Time.







A live webcast and replay of the presentation will be available on the Netflix investor relations website at http://ir.netflix.net.   About Netflix, Inc.
Netflix is one of the world's leading entertainment services offering TV series, films, games and live programming across a wide variety of genres and languages. Members can play, pause and resume watching as much as they want, anytime, anywhere, and can change their plans at any time. 



View original content to download multimedia:https://www.prnewswire.com/news-releases/netflix-cfo-to-participate-in-a-qa-session-at-the-morgan-stanley-technology-media--telecom-conference-302696791.htmlSOURCE Netflix, Inc.

Original: Netflix CFO to Participate in a Q&A session at the Morgan Stanley Technology, Media & Telecom Conference

Netflix Warner Deal May Be Dead. Why the streamer should make a "Graceful Exit" Barrons. com

Paramount Skydance is now the front-runner to win control of Warner Bros. Discovery -- the latest plot twist in a messy takeover battle that will upend Hollywood .

Warner said on Tuesday that its board of directors had decided that Paramount's $31 a share bid "could reasonably be expected to lead" to a proposal superior to the deal it agreed with Netflix in December.

If Warner does decide that Paramount's proposal is better, Netflix would have a four-day window to decide to match it. Netflix 's most recent, all-cash offer was $27.75 a share for Warner's streaming and studios assets, with the Discovery Global cable business being spun out to investors. For now that deal remains in place and the board is recommending in favor of it.

The most likely outcome is that the video streamer will walk away from the bidding war. Prediction markets suggest Paramount is now in the driving seat: Polymarket's event-based contracts implies a 53% chance it closes the deal, compared with odds of 37% for Netflix .

( Polymarket has a data partnership with Dow Jones , the publisher of Barron's.)

Netflix likely sees Warner Bros. as "nice-to-have (and to keep out of others' control) but not a need-to-have," Seaport Research Partners analyst David Joyce said late Tuesday in a research note.

"This could be a graceful way for Netflix to exit, which their shareholders will likely receive positively -- although we do not expect sentiment to return Netflix to its prior highs from last summer," he added. The stock would need to rally 71% to reclaim the record high it hit in late June.

Shares have slumped 24% since the Netflix -Warner deal was announced on Dec. 5 , with investors fretting that Netflix may end up leveraging what had been a strong balance sheet by taking on $50 billion in debt.

Netflix stock climbed 1.6% to $79.27 ahead of Wednesday's opening bell. Paramount rose 2.5% to $10.65 . Warner ticked up 0.4% to $29.27 .
Write to George Glover at george.glover@dowjones.com

PARAMOUNT COMMENTS ON WARNER BROS. DISCOVERY BOARD'S DETERMINATION THAT PARAMOUNT PROPOSAL COULD REASONABLY BE EXPECTED TO LEAD TO A SUPERIOR PROPOSALFebruary 24, 2026 8:27 PM
PR Newswire (US)

LOS ANGELES and NEW YORK, Feb. 24, 2026 /PRNewswire/ -- Paramount Skydance Corporation (NASDAQ: PSKY) ("Paramount") issued the following statement in response to the announcement by Warner Bros. Discovery, Inc. (NASDAQ: WBD) ("WBD") that WBD's Board of Directors has determined that Paramount's revised $31 per share, all-cash offer to acquire WBD could reasonably be expected to lead to a "Company Superior Proposal" under the terms of WBD's merger agreement with Netflix, Inc. (NASDAQ: NFLX):
Paramount welcomes the WBD Board's determination and looks forward to continuing to engage constructively with WBD to deliver the benefits of Paramount's proposal to WBD shareholders, the creative community and consumers.Under the terms of its revised offer, Paramount:Increased the purchase price to $31.00 per WBD share in cash for 100% of the company,Accelerated timing of the daily "ticking fee" of $0.25 per quarter to commence after September 30, 2026, until the consummation of the Paramount transaction,Increased the regulatory termination fee to $7 billion in the event the transaction does not close due to regulatory matters,Reaffirmed it will pay the $2.8 billion termination fee which WBD would be required to pay to Netflix to terminate its existing Netflix merger agreement,Reaffirmed it will eliminate WBD's potential $1.5 billion financing cost associated with its debt exchange offer,Agreed to an obligation to contribute additional equity funding to the extent needed to support the solvency certificate required by PSKY's lending banks, andAgreed to a "Company Material Adverse Effect" definition that excludes the performance of WBD's Global Linear Networks business.As previously announced, the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act applicable to Paramount's acquisition of WBD expired at 11:59 pm on February 19, 2026.The entry into a transaction with WBD would require the WBD Board to determine that Paramount's revised proposal is a "Company Superior Proposal" under its merger agreement with Netflix, the expiration of a four business day match period, termination of the Netflix merger agreement and execution of a definitive merger agreement between Paramount and WBD.About Paramount, a Skydance Corporation
Paramount, a Skydance Corporation (Nasdaq: PSKY) is a leading, next generation global media and entertainment company, comprised of three business segments: Studios, Direct-to-Consumer, and TV Media. The Company's portfolio unites legendary brands, including Paramount Pictures, Paramount Television, CBS – America's most-watched broadcast network, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, Pluto TV, and Skydance's Animation, Film, Television, Interactive/Games, and Sports divisions. For more information please visit www.paramount.com.Cautionary Note Regarding Forward-Looking Statements This communication contains both historical and forward-looking statements, including statements related to Paramount Skydance Corporation's ("Paramount") future financial results and performance, potential achievements, anticipated reporting segments and industry changes and developments. All statements that are not statements of historical fact are, or may be deemed to be, "forward-looking statements". Similarly, statements that describe Paramount's objectives, plans or goals are or may be forward-looking statements. These forward-looking statements reflect Paramount's current expectations concerning future results and events; generally can be identified by the use of statements that include phrases such as "believe," "expect," "anticipate," "intend," "plan," "foresee," "likely," "will," "may," "could," "estimate" or other similar words or phrases; and involve known and unknown risks, uncertainties and other factors that are difficult to predict and which may cause Paramount's actual results, performance or achievements to be different from any future results, performance or achievements expressed or implied by these statements. These risks, uncertainties and other factors include, among others: the outcome of the tender offer by Paramount and Prince Sub Inc. (the "Tender Offer") to purchase for cash all of the outstanding Series A common stock of Warner Bros. Discovery, Inc. ("WBD") or any discussions between Paramount and WBD with respect to a possible transaction (including, without limitation, by means of the Tender Offer, the "Potential Transaction"), including the possibility that the Tender Offer will not be successful, that the parties will not agree to pursue a business combination transaction or that the terms of any such transaction will be materially different from those described herein; the conditions to the completion of the Potential Transaction or the previously announced transaction between WBD and Netflix, Inc. ("Netflix") pursuant to the Agreement and Plan of Merger, dated December 4, 2025, among Netflix, Nightingale Sub, Inc., WBD and New Topco 25, Inc. (the "Proposed Netflix Transaction"), including the receipt of any required stockholder and regulatory approvals for either transaction, the proposed financing for the Potential Transaction, the indebtedness Paramount expects to incur in connection with the Potential Transaction and the total indebtedness of the combined company; the possibility that Paramount may be unable to achieve expected synergies and operating efficiencies within the expected timeframes or at all and to successfully integrate the operations of WBD with those of Paramount, and the possibility that such integration may be more difficult, time-consuming or costly than expected or that operating costs and business disruption (including, without limitation, disruptions in relationships with employees, customers or suppliers) may be greater than expected in connection with the Potential Transaction; risks related to Paramount's streaming business; the adverse impact on Paramount's advertising revenues as a result of changes in consumer behavior, advertising market conditions and deficiencies in audience measurement; risks related to operating in highly competitive and dynamic industries, including cost increases; the unpredictable nature of consumer behavior, as well as evolving technologies and distribution models; risks related to Paramount's decisions to make investments in new businesses, products, services and technologies, and the evolution of Paramount's business strategy; the potential for loss of carriage or other reduction in or the impact of negotiations for the distribution of Paramount's content; damage to Paramount's reputation or brands; losses due to asset impairment charges for goodwill, intangible assets, FCC licenses and content; liabilities related to discontinued operations and former businesses; increasing scrutiny of, and evolving expectations for, sustainability initiatives; evolving business continuity, cybersecurity, privacy and data protection and similar risks; content infringement; domestic and global political, economic and regulatory factors affecting Paramount's businesses generally, including tariffs and other changes in trade policies; the inability to hire or retain key employees or secure creative talent; disruptions to Paramount's operations as a result of labor disputes; the risks and costs associated with the integration of, and Paramount's ability to integrate, the businesses of Paramount Global and Skydance Media, LLC successfully and to achieve anticipated synergies; volatility in the prices of Paramount's Class B Common Stock; potential conflicts of interest arising from Paramount's ownership structure with a controlling stockholder; and other factors described in Paramount's news releases and filings with the Securities and Exchange Commission (the "SEC"), including but not limited to Paramount Global's most recent Annual Report on Form 10-K and Paramount's reports on Form 10-Q and Form 8-K. There may be additional risks, uncertainties and factors that Paramount does not currently view as material or that are not necessarily known. The forward-looking statements included in this communication are made only as of the date of this report, and Paramount does not undertake any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances.Additional Information This communication does not constitute an offer to buy or a solicitation of an offer to sell securities. This communication relates to a proposal that Paramount has made for an acquisition of WBD, the Tender Offer that Paramount, through Prince Sub Inc., its wholly owned subsidiary, has made to WBD stockholders, and Paramount's intention to solicit proxies against the Proposed Netflix Transaction and other proposals to be voted on by WBD stockholders at the special meeting of WBD stockholders to be held to approve the Proposed Netflix Transaction (the "Netflix Merger Solicitation") and/or for use at the WBD annual meeting of stockholders. The Tender Offer is being made pursuant to a tender offer statement on Schedule TO (including the offer to purchase, the letter of transmittal and other related offer documents), filed with the SEC on December 8, 2025. These materials, as may be amended from time to time, contain important information, including the terms and conditions of the offer. Subject to future developments, Paramount (and, if a negotiated transaction is agreed, WBD) may file additional documents with the SEC. This communication is not a substitute for any proxy statement, tender offer statement, or other document Paramount and/or WBD may file with the SEC in connection with the Potential Transaction.Paramount, Prince Sub Inc. and the other participants in the Netflix Merger Solicitation have filed a preliminary proxy statement and the accompanying BLUE proxy card with the SEC on January 22, 2026 in connection with the Netflix Merger Solicitation (the "Special Meeting Preliminary Proxy Statement"). Paramount expects to file a definitive proxy statement and the accompanying proxy card with the SEC in connection with the Netflix Merger Solicitation and may file other proxy solicitation materials in connection therewith or the annual meeting of WBD stockholders, or other documents with the SEC.PARAMOUNT STRONGLY ADVISES ALL STOCKHOLDERS OF WBD TO READ THE SPECIAL MEETING PRELIMINARY PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING INFORMATION RELATED TO THE PARTICIPANTS. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, PARAMOUNT AND THE OTHER PARTICIPANTS IN SUCH PROXY SOLICITATIONS WILL PROVIDE COPIES OF THE APPLICABLE PROXY STATEMENTS WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR SUCH COPIES SHOULD BE DIRECTED TO THE APPLICABLE PROXY SOLICITOR. Participants in the SolicitationThe participants in the Netflix Merger Solicitation are expected to be Paramount, Prince Sub Inc., certain directors and executive officers of Paramount and Prince Sub Inc., Lawrence Ellison, RedBird Capital Management and The Lawrence J. Ellison Revocable Trust, u/a/d 1/22/88, as amended. Additional information about the participants in the Netflix Merger Solicitation is available in the Special Meeting Preliminary Proxy Statement.PSKY-IRMedia Contacts: 
Paramount
Melissa Zukerman / Laura Watson
msz@paramount.com / laura.watson@paramount.comBrunswick Group
ParamountSkydance@brunswickgroup.comGagnier Communications
Dan Gagnier
dg@gagnierfc.comInvestor Contacts:
Paramount 
Kevin Creighton / Logan Thomas
kevin.creighton@paramount.com / logan.thomas @teena
Toll-Free: (844) 343-2621
info@okapipartners.com 



View original content:https://www.prnewswire.com/news-releases/paramount-comments-on-warner-bros-discovery-boards-determination-that-paramount-proposal-could-reasonably-be-expected-to-lead-to-a-superior-proposal-302696430.htmlSOURCE Paramount Skydance Corporation

Original: PARAMOUNT COMMENTS ON WARNER BROS. DISCOVERY BOARD'S DETERMINATION THAT PARAMOUNT PROPOSAL COULD REASONABLY BE EXPECTED TO LEAD TO A SUPERIOR PROPOSAL

I say it is a buy at $75 as it is at a 2 year double bottom and is oversold.

Warner Bros. Discovery Board of Directors Determines Revised Proposal from Paramount Skydance Could Reasonably Be Expected to Lead to a "Company Superior Proposal"February 24, 2026 4:21 PM
PR Newswire (US)

WBD Will Continue to Engage with PSKY; Netflix Merger Agreement Remains in PlaceNEW YORK, Feb. 24, 2026 /PRNewswire/ -- Warner Bros. Discovery, Inc. ("Warner Bros. Discovery" or "WBD") (NASDAQ: WBD) today announced that its Board of Directors (the "Board"), consistent with its fiduciary duties and following consultation with its independent financial and legal advisors, has determined that the revised proposal from Paramount Skydance Corporation ("Paramount Skydance" or "PSKY") (NASDAQ: PSKY) could reasonably be expected to lead to a "Company Superior Proposal" as defined in WBD's merger agreement with Netflix, Inc. ("Netflix") (NASDAQ: NFLX) (the "Netflix Merger Agreement").The revised proposal includes an increased purchase price of $31.00 per WBD share in cash, plus a daily ticking fee equal to $0.25 per quarter beginning after September 30, 2026, as well as a $7 billion regulatory termination fee payable by PSKY in the event the transaction does not close due to regulatory matters, payment by PSKY of the $2.8 billion termination fee that WBD would be required to pay to Netflix to terminate the existing Netflix Merger Agreement, an obligation to contribute additional equity funding to the extent needed to support the solvency certificate required by PSKY's lending banks, and a "Company Material Adverse Effect" definition that excludes the performance of WBD's Global Linear Networks business. The Board has not made a determination as to whether the revised PSKY proposal is superior to the merger with Netflix. WBD will engage further with PSKY to determine if a proposal that constitutes a "Company Superior Proposal," as defined in the Netflix Merger Agreement, can be reached. In the event that the Board ultimately determines such a "Company Superior Proposal" has been received, Netflix will have four business days after such determination to negotiate with WBD and to propose any revisions to the Netflix transaction.There can be no assurance that the Board will conclude that the transaction proposed by PSKY is superior to the merger with Netflix or that any definitive agreement or transaction will result from WBD's discussions with PSKY. The Netflix Merger Agreement remains in effect, and the Board continues to recommend in favor of the Netflix transaction and is not withdrawing or modifying its recommendation.Allen & Company, J.P. Morgan and Evercore are serving as financial advisors to Warner Bros. Discovery and Wachtell Lipton, Rosen & Katz and Debevoise & Plimpton LLP are serving as legal counsel.About Warner Bros. Discovery:
Warner Bros. Discovery is a leading global media and entertainment company that creates and distributes the world's most differentiated and complete portfolio of branded content across television, film, streaming and gaming. Warner Bros. Discovery inspires, informs and entertains audiences worldwide through its iconic brands and products including: Discovery Channel, HBO Max, discovery+, CNN, DC, TNT Sports, Eurosport, HBO, HGTV, Food Network, OWN, Investigation Discovery, TLC, Magnolia Network, TNT, TBS, truTV, Travel Channel, Animal Planet, Science Channel, Warner Bros. Motion Picture Group, Warner Bros. Television Group, Warner Bros. Pictures Animation, Warner Bros. Games, New Line Cinema, Cartoon Network, Adult Swim, Turner Classic Movies, Discovery en Español, Hogar de HGTV and others. For more information, please visit www.wbd.com.Important Information about the Tender Offer and Where to Find It
WBD has filed a solicitation/recommendation statement on Schedule 14D-9 with respect to the tender offer (the "tender offer") by a subsidiary of PSKY with the Securities and Exchange Commission (the "SEC").  INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE SOLICITATION/RECOMMENDATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TENDER OFFER.  Investors and security holders may obtain free copies of the solicitation/recommendation statement as well as other filings by WBD, without charge, at the SEC's website, https://www.sec.gov.  In addition, free copies of documents filed with the SEC by WBD will be made available free of charge on WBD's investor relations website at https://ir.wbd.com.Important Information about the Transaction and Where to Find It
This communication may be deemed to be solicitation material in respect of the proposed transaction between WBD and Netflix (the "proposed transaction").  In connection with the proposed transaction, WBD filed a definitive proxy statement (the "Proxy Statement") with the SEC.  The Proxy Statement was first mailed to WBD stockholders on or around February 17, 2026.  INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS.  Investors and security holders may obtain free copies of the Proxy Statement as well as other filings containing information about WBD and Netflix, without charge, at the SEC's website, https://www.sec.gov.  Free copies of the Proxy Statement and each company's other filings with the SEC may also be obtained from the respective companies.  Free copies of documents filed with the SEC by WBD will be made available on WBD's investor relations website at https://ir.wbd.com.  Free copies of documents filed with the SEC by Netflix will be made available on Netflix's investor relations website at https://ir.netflix.net.Participants in the Solicitation
WBD and Netflix and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction.  Information about the directors and executive officers of WBD is set forth in its Annual Report on Form 10-K for the year ended December 31, 2024, under the heading "Executive Officers of Warner Bros. Discovery, Inc.," and its definitive proxy statement filed with the SEC on April 23, 2025, under the heading "Proposal 1: Election of Directors."  Information about the directors and executive officers of Netflix is set forth in its definitive proxy statement filed with the SEC on April 17, 2025, under the headings "Our Board of Directors" and "Our Company Executive Officers."  Investors may obtain additional information regarding the interests of such participants by reading the Proxy Statement and other relevant materials regarding the proposed transaction when they become available.Forward-Looking Statements
Information set forth in this communication, including financial estimates and statements as to the expected timing, completion and effects of the proposed transaction between WBD and Netflix, constitute forward-looking statements. These estimates and statements are subject to risks and uncertainties, and actual results might differ materially. Such estimates and statements include, but are not limited to, statements about the benefits of the proposed transaction, including future financial and operating results, the combined company's plans, objectives, expectations and intentions, statements about the tender offer and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the management of WBD and Netflix and are subject to significant risks and uncertainties outside of our control.Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are the following: (1) the completion of the proposed transaction may not occur on the anticipated terms and timing or at all; (2) the occurrence of any event, change or other circumstances that could give rise to the termination of the proposed transaction; (3) the risk that WBD stockholders may not approve the proposed transaction; (4) the risk that the necessary regulatory approvals for the proposed transaction may not be obtained or may be obtained subject to conditions that are not anticipated; (5) risks that any of the closing conditions to the proposed transaction may not be satisfied in a timely manner; (6) the final allocation of indebtedness between WBD and a newly formed subsidiary ("Discovery Global") in connection with the separation could cause a reduction to the consideration for the proposed transaction; (7) risks related to litigation brought in connection with the proposed transaction; (8) risks related to disruption of management time from ongoing business operations due to the proposed transaction; (9) effects of the announcement, pendency or completion of the proposed transaction on the ability of WBD to retain customers and retain and hire key personnel and maintain relationships with suppliers, distributors, advertisers, content providers, vendors and other business partners, and on its operating results and business generally; (10) negative effects of the announcement or the consummation of the proposed transaction on the market price of WBD common stock; (11) risks related to the potential impact of general economic, political and market factors on the companies or the proposed transaction; (12) inherent uncertainties involved in the estimates and assumptions used in the preparation of financial projections, and inherent uncertainties involved in the estimates and judgments used to estimate the differences between WBD's Global Linear Networks segment results and the expected results of Discovery Global; (13) the risk that Discovery Global, as a new company that currently has no credit rating, will not have access to the capital markets on acceptable terms; (14) the risk that Discovery Global may be unable to achieve some or all of the benefits that WBD expects Discovery Global to achieve as an independent, publicly-traded company; (15) the risk that Discovery Global may be more susceptible to market fluctuations and other adverse events than it would have otherwise been while still a part of WBD; (16) the risk that Discovery Global will incur significant indebtedness in connection with the separation, and the degree to which it will be leveraged following completion of the separation may materially and adversely affect its business, financial condition and results of operations; (17) the ability to obtain or consummate financing or refinancing related to the proposed transaction or the separation upon acceptable terms or at all; (18) volatility or a decline in the market price for Discovery Global common stock following the separation; (19) uncertainties as to how many WBD stockholders will tender their shares in the tender offer; (20) the conditions to the completion of the tender offer, including the receipt of any required stockholder and regulatory approvals; (21) PSKY's ability to finance the tender offer and the indebtedness PSKY expects to incur in connection with the tender offer; (22) the possibility that PSKY may be unable to achieve expected synergies and operating efficiencies within the expected timeframes or at all and to successfully integrate WBD's operations with those of PSKY, and the possibility that such integration may be more difficult, time-consuming or costly than expected or that operating costs and business disruption (including, without limitation, disruptions in relationships with employees, customers or suppliers) may be greater than expected in connection with the tender offer; (23) the possibility that WBD's discussions with PSKY may not lead to a superior proposal by PSKY; and (24) the response of WBD, Netflix or PSKY management to any of the aforementioned factors. Discussions of additional risks and uncertainties are contained in WBD's and Netflix's filings with the SEC, including their Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, and the Proxy Statement filed by WBD in connection with the proposed transaction. Neither WBD nor Netflix is under any obligation, and each expressly disclaims any obligation, to update, alter, or otherwise revise any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events, or otherwise, except to the extent required by applicable law. Persons reading this announcement are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof.



View original content:https://www.prnewswire.com/news-releases/warner-bros-discovery-board-of-directors-determines-revised-proposal-from-paramount-skydance-could-reasonably-be-expected-to-lead-to-a-company-superior-proposal-302696253.htmlSOURCE Warner Bros. Discovery, Inc.

Original: Warner Bros. Discovery Board of Directors Determines Revised Proposal from Paramount Skydance Could Reasonably Be Expected to Lead to a "Company Superior Proposal"

Artificial Intelligence as a Structural Margin Driver for Netflix

The integration of advanced artificial intelligence tools has the potential to significantly reshape the long-term profitability profile of Netflix. While the market often frames AI as a speculative growth catalyst, the more compelling thesis lies in its ability to structurally enhance operating efficiency and expand margins across the content value chain.

Netflix operates one of the most capital-intensive content ecosystems in the global entertainment industry. Annual content investments reach tens of billions of dollars. In such an environment, even modest efficiency gains can translate into material bottom-line impact. If AI meaningfully reduces post-production costs, accelerates visual effects workflows, optimizes editing processes, and enables scalable multilingual dubbing, the cumulative margin effect could be substantial. Cost compression at scale is far more powerful than incremental subscriber growth alone.

Beyond production, AI strengthens Netflix’s core competitive moat: personalization. The company’s recommendation engine has long been a differentiator, but next-generation AI models can significantly enhance predictive accuracy, reduce churn, and optimize content acquisition decisions before capital is deployed. Lower churn directly increases lifetime customer value, while smarter capital allocation reduces the risk of high-budget content underperforming. In an environment where subscriber growth naturally matures, retention efficiency becomes the dominant profitability lever.

Equally important is the global scalability dimension. AI-driven localization, automated dubbing, adaptive marketing content, and region-specific optimization dramatically reduce the marginal cost of entering new markets. This transforms international expansion from a capital-heavy initiative into a data-driven scaling strategy. The result is operating leverage that compounds over time.

However, the critical strategic question remains whether AI serves merely as an efficiency enhancer or evolves into a durable competitive advantage. If every major streaming platform adopts similar tools, the cost curve may flatten industry-wide, limiting relative advantage. Yet Netflix’s scale, data depth, and algorithmic infrastructure position it uniquely to extract disproportionate value from AI integration. Scale amplifies efficiency gains.

In the medium term, the more relevant narrative is not subscriber acceleration, but margin expansion through structural cost optimization and improved capital allocation discipline. If AI adoption meaningfully lowers production intensity while sustaining content quality, Netflix could transition from a growth-driven valuation story to a high-margin, cash-generating entertainment platform with increasing operating leverage.

Markets often focus on headline innovation. The deeper thesis lies in operational transformation. If executed effectively, AI will not merely enhance Netflix’s content creation capabilities — it could materially strengthen its free cash flow profile and reinforce its long-term valuation resilience.

I just know this is a huge buy somewhere! Could $65 be where it finds support? Or is it a buy if it breaks above $84?

Netflix is currently in a competitive bidding war for Warner Bros. Discovery, facing regulatory scrutiny and a rival bid from Paramount. The outcome could significantly impact Netflix's strategic positioning and content library.

Regulatory Challenges: Netflix's acquisition of Warner Bros. Discovery is under intense regulatory review, with potential implications for its merger timeline and structure.
Political Pressure: Former President Trump's call for Netflix to remove board member Susan Rice adds a layer of political pressure, raising concerns about corporate governance and influence.
Market Valuation Insights: Recent analyses suggest Netflix's stock is undervalued with a current P/E ratio of 30.25x, indicating potential growth opportunities despite current uncertainties.

PARAMOUNT CONFIRMS SUBMISSION OF REVISED PROPOSAL TO ACQUIRE WARNER BROS. DISCOVERYFebruary 24, 2026 9:10 AM
PR Newswire (US)

LOS ANGELES and NEW YORK, Feb. 24, 2026 /PRNewswire/ -- Paramount Skydance Corporation (NASDAQ: PSKY) ("Paramount") today confirmed it has submitted to the Board of Directors of Warner Bros. Discovery, Inc. (NASDAQ: WBD) ("WBD") a revised proposal to acquire WBD. This submission follows a period of engagement with WBD after it received a seven-day waiver under its merger agreement with Netflix, Inc. (NASDAQ: NFLX) to engage with Paramount. The entry into a transaction with WBD would require the WBD Board to determine that Paramount's revised proposal is a "Company Superior Proposal" under its merger agreement with Netflix, the expiration of a four business day match period, termination of the Netflix merger agreement and execution of a definitive merger agreement between Paramount and WBD.While the WBD Board of Directors considers Paramount's revised proposal, Paramount will continue to maintain its previously announced tender offer and its solicitation in opposition to the inferior Netflix merger.About Paramount, a Skydance Corporation
Paramount, a Skydance Corporation is a leading, next-generation global media and entertainment company, comprised of three business segments: Studios, Direct-to-Consumer, and TV Media. Paramount's portfolio unites legendary brands, including Paramount Pictures, Paramount Television, CBS – America's most-watched broadcast network, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, Paramount TV, and Skydance's Animation, Film, Television, Interactive/Games, and Sports divisions. For more information, visit paramount.com.Cautionary Note Regarding Forward-Looking Statements
This communication contains both historical and forward-looking statements, including statements related to Paramount Skydance Corporation's ("Paramount") future financial results and performance, potential achievements, anticipated reporting segments and industry changes and developments. All statements that are not statements of historical fact are, or may be deemed to be, "forward-looking statements". Similarly, statements that describe Paramount's objectives, plans or goals are or may be forward-looking statements. These forward-looking statements reflect Paramount's current expectations concerning future results and events; generally can be identified by the use of statements that include phrases such as "believe," "expect," "anticipate," "intend," "plan," "foresee," "likely," "will," "may," "could," "estimate" or other similar words or phrases; and involve known and unknown risks, uncertainties and other factors that are difficult to predict and which may cause Paramount's actual results, performance or achievements to be different from any future results, performance or achievements expressed or implied by these statements. These risks, uncertainties and other factors include, among others:  the outcome of the tender offer by Paramount and Prince Sub Inc. (the "Tender Offer") to purchase for cash all of the outstanding Series A common stock of Warner Bros. Discovery, Inc. ("WBD") or any discussions between Paramount and WBD with respect to a possible transaction (including, without limitation, by means of the Tender Offer, the "Potential Transaction"), including the possibility that the Tender Offer will not be successful, that the parties will not agree to pursue a business combination transaction or that the terms of any such transaction will be materially different from those described herein; the conditions to the completion of the Potential Transaction or the previously announced transaction between WBD and Netflix, Inc. ("Netflix") pursuant to the Agreement and Plan of Merger, dated December 4, 2025 (as it may be amended or supplemented), among Netflix, Nightingale Sub, Inc., WBD and New Topco 25, Inc. (the "Proposed Netflix Transaction"), including the receipt of any required stockholder and regulatory approvals for either transaction, the proposed financing for the Potential Transaction, the indebtedness Paramount expects to incur in connection with the Potential Transaction and the total indebtedness of the combined company; the possibility that Paramount may be unable to achieve expected synergies and operating efficiencies within the expected timeframes or at all and to successfully integrate the operations of WBD with those of Paramount, and the possibility that such integration may be more difficult, time-consuming or costly than expected or that operating costs and business disruption (including, without limitation, disruptions in relationships with employees, customers or suppliers) may be greater than expected in connection with the Potential Transaction; risks related to Paramount's streaming business; the adverse impact on Paramount's advertising revenues as a result of changes in consumer behavior, advertising market conditions and deficiencies in audience measurement; risks related to operating in highly competitive and dynamic industries, including cost increases; the unpredictable nature of consumer behavior, as well as evolving technologies and distribution models; risks related to Paramount's decisions to make investments in new businesses, products, services and technologies, and the evolution of Paramount's business strategy; the potential for loss of carriage or other reduction in or the impact of negotiations for the distribution of Paramount's content; damage to Paramount's reputation or brands; losses due to asset impairment charges for goodwill, intangible assets, FCC licenses and content; liabilities related to discontinued operations and former businesses; increasing scrutiny of, and evolving expectations for, sustainability initiatives; evolving business continuity, cybersecurity, privacy and data protection and similar risks; content infringement; domestic and global political, economic and regulatory factors affecting Paramount's businesses generally, including tariffs and other changes in trade policies; the inability to hire or retain key employees or secure creative talent; disruptions to Paramount's operations as a result of labor disputes; the risks and costs associated with the integration of, and Paramount's ability to integrate, the businesses of Paramount Global and Skydance Media, LLC successfully and to achieve anticipated synergies; volatility in the prices of Paramount's Class B Common Stock; potential conflicts of interest arising from Paramount's ownership structure with a controlling stockholder; and other factors described in Paramount's news releases and filings with the Securities and Exchange Commission (the "SEC"), including but not limited to Paramount's most recent Annual Report on Form 10-K and Paramount's reports on Form 10-Q and Form 8-K. There may be additional risks, uncertainties and factors that Paramount does not currently view as material or that are not necessarily known. The forward-looking statements included in this communication are made only as of the date of this report, and Paramount does not undertake any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances.Additional Information
This communication does not constitute an offer to buy or a solicitation of an offer to sell securities. This communication relates to a proposal that Paramount has made for an acquisition of WBD, the Tender Offer that Paramount, through Prince Sub Inc., its wholly owned subsidiary, has made to WBD stockholders, and Paramount's intention to solicit proxies against the Proposed Netflix Transaction and other proposals to be voted on by WBD stockholders at the special meeting of WBD stockholders to be held to approve the Proposed Netflix Transaction (the "Netflix Merger Solicitation") and/or for use at the WBD annual meeting of stockholders. The Tender Offer is being made pursuant to a tender offer statement on Schedule TO (including the offer to purchase, the letter of transmittal and other related offer documents), filed with the SEC on December 8, 2025. These materials, as may be amended from time to time, contain important information, including the terms and conditions of the offer. Subject to future developments, Paramount (and, if a negotiated transaction is agreed, WBD) may file additional documents with the SEC. This communication is not a substitute for any proxy statement, tender offer statement, or other document Paramount and/or WBD may file with the SEC in connection with the Potential Transaction.Paramount, Prince Sub Inc. and the other participants in the Netflix Merger Solicitation have filed a preliminary proxy statement and the accompanying BLUE proxy card with the SEC on January 22, 2026 in connection with the Netflix Merger Solicitation (the "Special Meeting Preliminary Proxy Statement"). Paramount expects to file a definitive proxy statement and the accompanying proxy card with the SEC in connection with the Netflix Merger Solicitation and may file other proxy solicitation materials in connection therewith or the annual meeting of WBD stockholders, or other documents with the SEC.PARAMOUNT STRONGLY ADVISES ALL STOCKHOLDERS OF WBD TO READ THE SPECIAL MEETING PRELIMINARY PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING INFORMATION RELATED TO THE PARTICIPANTS. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, PARAMOUNT AND THE OTHER PARTICIPANTS IN SUCH PROXY SOLICITATIONS WILL PROVIDE COPIES OF THE APPLICABLE PROXY STATEMENTS WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR SUCH COPIES SHOULD BE DIRECTED TO THE APPLICABLE PROXY SOLICITOR.Participants in the Solicitation
The participants in the Netflix Merger Solicitation are expected to be Paramount, Prince Sub Inc., certain directors and executive officers of Paramount and Prince Sub Inc., Lawrence Ellison, RedBird Capital Management and The Lawrence J. Ellison Revocable Trust, u/a/d 1/22/88, as amended. Additional information about the participants in the Netflix Merger Solicitation is available in the Special Meeting Preliminary Proxy Statement.PSKY-IRMedia Contacts:
Paramount
Melissa Zukerman / Laura Watson
msz@paramount.com / laura.watson@paramount.comBrunswick Group
ParamountSkydance@brunswickgroup.comGagnier Communications
Dan Gagnier
dg@gagnierfc.comInvestor Contacts:
Paramount
Kevin Creighton / Logan Thomas
kevin.creighton@paramount.com / logan.thomas @teena
Toll-Free: (844) 343-2621
info@okapipartners.com  



View original content:https://www.prnewswire.com/news-releases/paramount-confirms-submission-of-revised-proposal-to-acquire-warner-bros-discovery-302695815.htmlSOURCE Paramount Skydance Corporation

Original: PARAMOUNT CONFIRMS SUBMISSION OF REVISED PROPOSAL TO ACQUIRE WARNER BROS. DISCOVERY

AI disruption concerns and new Trump tariffs dominate market focus; key earnings ahead: Dow Jones, S&P, Nasdaq, Wall Street FuturesFebruary 24, 2026 5:15 AM
IH Market News
U.S. equity futures traded cautiously on Tuesday as investors weighed concerns over artificial intelligence–driven disruption while preparing for a busy week of corporate earnings. Sentiment was also shaped by the implementation of President Donald Trump’s new 10% global tariffs following a Supreme Court ruling that invalidated earlier emergency trade measures. Meanwhile, Paramount Skydance (NASDAQ:PSKY) has reportedly raised its takeover bid for Warner Bros Discovery (NASDAQ:WBD), and Home Depot (NYSE:HD) is set to release quarterly results later in the day.



Futures trade cautiously



Futures tied to major U.S. indices hovered close to unchanged levels as markets awaited earnings from several major companies, including AI heavyweight Nvidia (NASDAQ:NVDA).As of 03:03 ET, Dow futures were up 47 points, or 0.1%, S&P 500 futures gained 10 points, or 0.1%, and Nasdaq 100 futures rose 38 points, or 0.2%.Wall Street’s main indices declined in the previous session amid persistent concerns that emerging AI models could disrupt multiple industries. Analysts noted that the latest market weakness followed a report from Citrini Research outlining a severe hypothetical scenario in which AI adoption could trigger widespread white-collar job losses, weaken consumer spending, increase loan defaults and ultimately push the economy into contraction.Citrini emphasised that the analysis represented a “scenario, not a prediction,” but this clarification did little to calm investors already worried about pressure on mega-cap technology companies investing heavily in AI infrastructure.“As has been the case for weeks, AI is clearly a net negative for the equity market as hyperscalers get weighed down [free cash flow] fears while disruption worries eviscerate software and several other sectors,” analysts at Vital Knowledge wrote in a note.



Trump’s 10% tariffs take effect



President Trump’s latest global trade tariffs came into force at midnight Tuesday at a 10% rate after a Supreme Court decision last week struck down his so-called “reciprocal” tariffs.The new rate was communicated through the U.S. Customs and Border Protection messaging system and remains below the 15% level Trump had suggested following the ruling, which determined that his use of emergency economic powers to impose broad global surcharges was unlawful.Trump initially reinstated a universal 10% tariff following the decision and later threatened to raise the rate to 15%. According to Bloomberg News, the White House is now working toward issuing a formal order to increase tariffs to that higher level.These tariffs, introduced under Section 122 of the Trade Act of 1974, are scheduled to remain in place for 150 days, after which Congress will decide whether to extend or modify them.Uncertainty continues to surround the broader trade outlook, particularly regarding agreements negotiated before the court ruling. Responding to reports that some countries were reconsidering existing deals, Trump warned trading partners via social media not to “play games.”



Paramount reportedly raises bid for Warner Bros Discovery



Paramount Skydance (NASDAQ:PSKY) has submitted an improved offer for Warner Bros Discovery (NASDAQ:WBD), according to a Reuters report, as it attempts to persuade the media group to abandon its agreement with Netflix (NASDAQ:NFLX).Reuters, citing a source familiar with the discussions, said the revised proposal improves upon Paramount’s earlier $30-per-share offer, which valued Warner Bros at approximately $108.4 billion. Warner Bros had previously argued that the initial bid undervalued the company and granted Paramount a seven-day window — ending February 23 — to present an updated proposal.Netflix has separately agreed a deal valued at $27.75 per share in cash, equivalent to roughly $82.7 billion, covering Warner’s studios and streaming assets.Variety reported that Warner Bros is expected to review Paramount’s revised offer even as management continues to encourage shareholders to support the Netflix agreement.Control of Warner Bros’ intellectual property portfolio — including major franchises such as “Game of Thrones” and “Harry Potter” — remains central to the takeover contest.



Home Depot earnings due



Home Depot (NYSE:HD) is scheduled to publish its latest quarterly results before the opening bell on Tuesday.The home-improvement retailer previously issued cautious guidance for fiscal 2026, forecasting modest comparable sales growth and profit as demand for high-value renovation items remains subdued.During an investor day in December, chief financial officer Richard McPhail warned that consumer caution linked to cost-of-living pressures is expected to persist, noting there has not been “a catalyst or an inflection in housing activity.”High property prices and subdued hiring trends have contributed to uneven housing demand in the United States, despite signs of easing interest and mortgage rates.The company expects same-store sales growth in a range between flat and 2% for fiscal 2026, while adjusted earnings per share are projected to rise between flat and 4%, both below LSEG forecasts cited by Reuters.



Oil prices approach seven-month highs



Oil prices moved higher, trading near seven-month highs ahead of renewed nuclear negotiations between the United States and Iran later this week.Brent crude futures rose 0.2% to $71.28 per barrel, while U.S. West Texas Intermediate crude gained 0.3% to $66.51 per barrel. Both benchmarks are currently trading near levels last seen in early August 2025.The United States and Iran are expected to hold a third round of nuclear talks in Geneva on Thursday, amid increasing concerns about potential military escalation as Washington pushes for the termination of Iran’s nuclear programme.Warner Brothers Discovery stock priceHome Depot stock priceNvidia stock priceParamount Skydance stock priceNetflix stock price

Original: AI disruption concerns and new Trump tariffs dominate market focus; key earnings ahead: Dow Jones, S&P, Nasdaq, Wall Street Futures

Exclusive: Netflix has financial firepower to sweeten Warner Bros bid if rivalry intensifies, sources sayFebruary 20, 2026 5:59 AM
IH Market News
Netflix (NASDAQ:NFLX) has significant cash reserves and retains the flexibility to raise its offer for Warner Bros Discovery (NASDAQ:WBD) should rival bidder Paramount Skydance improve its proposal, according to two people familiar with the situation.The streaming heavyweight and the rival studio have been engaged in a high-stakes contest for Warner Bros and its vast content library, which includes blockbuster franchises such as “Harry Potter”, “Game of Thrones”, DC Comics and Superman.While Warner Bros is proceeding with a March 20 shareholder vote on Netflix’s proposal, the company has granted Paramount a one-week window to submit a more attractive bid.Netflix has offered $27.75 per share — valuing Warner Bros’ studio and streaming operations at roughly $82.7 billion — whereas Paramount has proposed $30 per share, or about $108.4 billion, for the entire company, including Discovery Global, which owns networks such as CNN and HGTV.Both Netflix and Warner Bros declined to comment.The company behind “Stranger Things” is said to have substantial financial capacity to escalate its bid if necessary, with approximately $9.03 billion in cash and cash equivalents on its balance sheet as of December 31.



Monday deadline looms



Earlier this week, Warner Bros turned down Paramount’s latest hostile approach but invited the competing bidder to submit a “best and final” offer by the end of Monday. Paramount had reportedly drawn the board into discussions after informally floating a $31-per-share proposal.“Netflix still looks to be in the driving seat, but that can quickly shift,” said Matt Britzman, senior equity analyst at Hargreaves Lansdown. “Price will likely be the deciding factor — Warner’s concerns around funding and regulatory risk are real, but at a high enough number, they become secondary.”Britzman added that he expects Netflix would respond to any enhanced bid from Paramount. “But the real twist is that these deals were never apples to apples, and it may ultimately come down to how much value the board and shareholders assign to the network business that Netflix would leave behind,” he said.Paramount, for its part, confirmed it will continue pursuing its tender offer for Warner Bros, oppose what it described as the “inferior” Netflix transaction, and move ahead with plans to nominate directors at the company’s upcoming annual meeting.Attention now turns to whether the CBS parent company will increase its offer, which Netflix would have the right to match under the existing merger agreement, according to Warner Bros.In a letter to Paramount’s board on Tuesday, Warner Bros Chairman Samuel DiPiazza Jr. and CEO David Zaslav wrote that “we continue to recommend and remain fully committed to our transaction with Netflix”.



Board reservations persist



Paren Knadjian, partner at Eisner Advisory Group, said Paramount’s continued pursuit indicates confidence it can ultimately prevail.“Board level concerns around financing structure, timing and regulatory approval meaningfully detract from the attractiveness of Paramount’s proposal, irrespective of headline valuation,” he said.Last week, Paramount proposed offering Warner Bros shareholders additional cash payments for each quarter that the deal fails to close beyond this year, and pledged to cover the $2.8 billion breakup fee Warner Bros would owe Netflix if it exited their agreement. However, Warner Bros said the revised terms still fell short of qualifying as a superior proposal in the eyes of its board.In its letter, the board highlighted several unresolved issues within Paramount’s offer, including who would bear responsibility for a potential $1.5 billion junior lien financing fee, how the transaction would proceed if debt financing were not secured, and whether equity funding led by Larry Ellison was fully committed.Netflix stock priceWarner Brothers Discovery stock price

Original: Exclusive: Netflix has financial firepower to sweeten Warner Bros bid if rivalry intensifies, sources say

Loading Zone!!

Ad tier scaling better than expected and global subscriber base remains sticky. Operating leverage story is strong again, dips continue to get bought.

Warner Bros rejects Paramount Skydance bid but invites improved proposalFebruary 17, 2026 11:09 AM
IH Market News
Warner Bros. Discovery (NASDAQ:WBD) has turned down a revised hostile takeover proposal of $30 per share from Paramount Skydance (NASDAQ:PSKY), though it has granted the bidder a one-week window to return with a stronger offer, the company said Tuesday.In a statement, Warner Bros disclosed that Paramount had also floated, on an informal basis, a potential price of $31 per share — a figure that appears to have prompted the board to consider further discussions.The competing suitor now has until February 23 to deliver its “best and final offer,” Warner Bros noted. Under the existing merger agreement, Netflix (NASDAQ:NFLX) retains the right to match any competing bid.The latest development adds another twist to the battle over Warner Bros’ storied film and television studio, including its extensive catalog of movies and TV content.Warner Brothers Discovery stock priceParamount Skydance stock priceNetflix stock price

Original: Warner Bros rejects Paramount Skydance bid but invites improved proposal

WBD Files Definitive Proxy Statement and Schedules Special Meeting for March 20, 2026, to Approve the WBD-Netflix TransactionFebruary 17, 2026 7:09 AM
PR Newswire (US)

The WBD-Netflix Transaction Delivers Incredible Value and Certainty to WBD Stockholders with Clear Path to Timely Regulatory ApprovalNetflix is the Superior Deal and the Only Deal Before WBD Stockholders  Together WBD and Netflix will Protect U.S. Jobs, Bring Great Value to Consumers and Assure Growth of the Broader Entertainment IndustryA PSKY transaction does not have an easier or faster path to regulatory approval and PSKY's financing challenges and rapid deleveraging plans pose tremendous risk to the entertainment industryHOLLYWOOD, Calif., Feb. 17, 2026 /PRNewswire/ -- Netflix, Inc. today issued the following statement regarding its fully financed definitive agreement with Warner Bros. Discovery, Inc. (WBD) to acquire Warner Bros., including its film and television studios, HBO Max and HBO: 
Today marks another important milestone for our transaction with WBD. WBD has filed and commenced the mailing of its definitive proxy statement for the special meeting to be held on March 20, 2026, to approve our Board-recommended transaction and superior offer.Throughout the robust and highly competitive strategic review process, Netflix has consistently taken a constructive, responsive approach with WBD, in stark contrast to Paramount Skydance (PSKY). While we are confident that our transaction provides superior value and certainty, we recognize the ongoing distraction for WBD stockholders and the broader entertainment industry caused by PSKY's antics. Accordingly, we granted WBD a narrow seven-day waiver of certain obligations under our merger agreement to allow them to engage with PSKY to fully and finally resolve this matter.This does not change the fact that we have the only signed, board-recommended agreement with WBD, and ours is the only certain path to delivering value to WBD's stockholders. In its press release today, WBD reaffirmed its recommendation that WBD stockholders vote to approve the Netflix transaction at WBD's special meeting.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. Our transaction also expands production capacity and increases investment in original content, leading to long-term job creation. The Netflix transaction is centered on growth, opportunity, and a reinforced commitment to creating world-class films and television – not consolidation and layoffs.Netflix is confident that our transaction, a largely vertical merger of complementary assets, has a clear path to timely regulatory approval. Netflix and WBD have each submitted their Hart-Scott-Rodino (HSR) filings and are engaged constructively with competition authorities across the world, including the U.S. Department of Justice (DOJ), state Attorneys General, the European Commission, and the U.K. Competition and Markets Authority (CMA). Netflix and WBD are driving the regulatory process forward — collaboratively and constructively and focused on a clear path to closing.By contrast, PSKY has repeatedly mischaracterized the regulatory review process by suggesting its proposal will sail through, misleading WBD stockholders about the real risk of their regulatory challenges around the world. WBD stockholders should not be misled into thinking that PSKY has an easier or faster path to regulatory approval – it does not.PSKY is also quick to publicize routine checkpoints to exaggerate "progress." For example, PSKY cited securing German FDI clearance on January 27, 2026, as evidence of their "regulatory certainty." In fact, Netflix received German FDI clearance on the very same day. Separately, the foreign funding behind PSKY's bid is already raising serious national security concerns. We expect government reviewers globally, including CFIUS and Team Telecom in the U.S., as well as European authorities, to scrutinize the Middle Eastern investors in PSKY's consortium and to be skeptical of claims that they are purely passive investors.In reality, PSKY is far from obtaining all of the regulatory clearances required. Enforcers will focus on the impact of PSKY's proposal on competition, job losses, reduced output, and downward pressure on wages for film and television workers. PSKY's offer results in significant horizontal overlaps that will concern antitrust enforcers globally by combining:two of the five major Hollywood studios,two major theatrical distribution channels,two of the major TV studios,two major news networks, andtwo major sports distributors.Beyond their regulatory hurdles, PSKY's aggressive financing package, rapid deleveraging plans, and performance track record pose tremendous risks to both the completion of their proposed deal and the industry. PSKY has promised to rapidly de-lever following its proposed transaction which can only be achieved through unprecedented job cuts (on top of the previous PSKY layoffs):Post-merger, PSKY would be over-leveraged with approximately $84 billion of total proforma debt — the largest proposed leveraged buyout in history — and an estimated ~7x leverage ratio (Debt / 2026 LTM EBITDA).PSKY has promised its concerned investors that it "will be below, call it, at closing with accounting for synergies around 4x. And [will] de-lever quickly to below 3x and almost 2x over the convening 2 years to 2.5 years."1This means PSKY would need to realize ~$16 billion of cost savings in order to meet the midpoint of its leverage target range, far in excess of the $6+ billion synergy figure PSKY has publicly communicated2.The only way to achieve this would be through greater, even deeper job cuts that would irreparably harm the entertainment industry.PSKY is already undershooting its financial projections. Based on their most recent published "Adjusted OIBDA" guidance for 2026, they have underperformed their initial Paramount acquisition business plan by 15%3, which could mean even more cost cuts.This extraordinary execution risk and track record of operational underperformance could impact PSKY's ability to fund and close a transaction.A business plan that is dependent upon $16 billion in cost savings should be an unmistakable red flag for regulators, policymakers, union leaders and creatives.Netflix's strong cash flow generation supports our all-cash transaction structure while preserving a healthy balance sheet and flexibility to capitalize on future strategic priorities. A combined Netflix and Warner Bros. will strengthen the entertainment industry, preserve choice and value for consumers, and give creators more opportunities. WBD Stockholders — your vote is crucial. Vote FOR the Netflix and Warner Bros. deal at votewbdnetflix.com. A dedicated website providing ongoing information and resources about the transaction is available at netflixwbtogether.com. About Netflix, Inc. 
Netflix (NASDAQ:NFLX) is one of the world's leading entertainment services offering TV series, films, games and live programming across a wide variety of genres and languages. Members can play, pause and resume watching as much as they want, anytime, anywhere, and can change their plans at any time.Important Information and Where to Find It
In connection with the proposed transaction between Netflix and WBD, WBD filed a definitive proxy statement on Schedule 14A (the "Proxy Statement") with the U.S. Securities and Exchange Commission (the "SEC"). The Proxy Statement was first mailed to WBD stockholders on or around February 17, 2026. Each of Netflix and WBD may also file with or furnish to the SEC other relevant documents regarding the proposed transaction. This communication is not a substitute for the Proxy Statement or any other document that Netflix or WBD may file with the SEC or mail to WBD's stockholders in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF NETFLIX AND WBD ARE URGED TO READ THE PROXY STATEMENT, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE INTO THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING NETFLIX, WBD, THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the Proxy Statement as well as other filings containing information about Netflix and WBD, without charge, at the SEC's website, https://www.sec.gov. The documents filed by Netflix with the SEC also may be obtained free of charge at Netflix's website at https://ir.netflix.net/home/default.aspx. The documents filed by WBD with the SEC also may be obtained free of charge at WBD's website at https://ir.wbd.com.Participants in the Solicitation
Netflix, WBD and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of WBD in connection with the proposed transaction under the rules of the SEC. Information about the interests of the directors and executive officers of WBD and other persons who may be deemed to be participants in the solicitation of stockholders of WBD in connection with the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, is included in the Proxy Statement, which has been filed by WBD with the SEC. Information about WBD's directors and executive officers is set forth in WBD's proxy statement for its 2025 Annual Meeting of Stockholders on Schedule 14A filed with the SEC on April 23, 2025, WBD's Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent filings with the SEC. Information about Netflix's directors and executive officers is set forth in Netflix's proxy statement for its 2025 Annual Meeting of Stockholders on Schedule 14A filed with the SEC on April 17, 2025, and any subsequent filings with the SEC. Additional information regarding the direct and indirect interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained by reading the Proxy Statement regarding the proposed transaction. Free copies of these documents may be obtained as described above.Cautionary Statement Regarding Forward-Looking Statements
This document contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on Netflix's and WBD's current expectations, estimates and projections about the expected date of closing of the proposed transaction and the potential benefits thereof, their respective businesses and industries, management's beliefs and certain assumptions made by Netflix and WBD, all of which are subject to change. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "could," "seek," "see," "will," "may," "would," "might," "potentially," "estimate," "continue," "expect," "target," similar expressions or the negatives of these words or other comparable terminology that convey uncertainty of future events or outcomes. All forward-looking statements by their nature address matters that involve risks and uncertainties, many of which are beyond our control and are not guarantees of future results, such as statements about the consummation of the proposed transaction and the anticipated benefits thereof. These and other forward-looking statements, including the failure to consummate the proposed transaction or to make or take any filing or other action required to consummate the transaction on a timely matter or at all, are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to: (i) the completion of the proposed transaction on anticipated terms and timing, including obtaining stockholder and regulatory approvals, completing the separation of WBD's Discovery Global business ("Discovery Global") and Warner Bros. business, anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies, expansion and growth of WBD's and Netflix's businesses and other conditions to the completion of the proposed transaction; (ii) failure to realize the anticipated benefits of the proposed transaction, including as a result of delay in completing the transaction or integrating the businesses of Netflix and WBD; (iii) Netflix's and WBD's ability to implement their business strategies; (iv) consumer viewing trends; (v) potential litigation relating to the proposed transaction that could be instituted against Netflix, WBD or their respective directors; (vi) the risk that disruptions from the proposed transaction will harm Netflix's or WBD's business, including current plans and operations; (vii) the ability of Netflix or WBD to retain and hire key personnel; (viii) potential adverse reactions or changes to business relationships resulting from the announcement, pendency or completion of the proposed transaction; (ix) uncertainty as to the long-term value of Netflix's common stock; (x) legislative, regulatory and economic developments affecting Netflix's and WBD's businesses; (xi) general economic and market developments and conditions; (xii) the evolving legal, regulatory and tax regimes under which Netflix and WBD operate; (xiii) potential business uncertainty, including changes to existing business relationships, during the pendency of the proposed transaction that could affect Netflix's or WBD's financial performance; (xiv) restrictions during the pendency of the proposed transaction that may impact Netflix's or WBD's ability to pursue certain business opportunities or strategic transactions; (xv) failure to receive the approval of the stockholders of WBD; (xvi) the final allocation of indebtedness between WBD and Discovery Global in connection with the separation could cause a reduction to the consideration for the proposed transaction; (xvii) inherent uncertainties involved in the estimates and assumptions used in the preparation of financial projections, and inherent uncertainties involved in the estimates and judgments used to estimate the differences between WBD's Global Linear Networks segment results and the expected results of Discovery Global; and (xviii) volatility or a decline in the market price for Discovery Global common stock following the separation. Discussions of additional risks and uncertainties are contained in Netflix's and WBD's filings with the SEC, including their Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, and the Proxy Statement filed by WBD in connection with the proposed transaction. While the list of factors presented here and in the Proxy Statement are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Netflix's or WBD's consolidated financial condition, results of operations or liquidity. Neither Netflix nor WBD assumes any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.1 Paramount Skydance Corporation M&A Call on 12/08/2025
2 Paramount Skydance 12/08/2025 Press Release
3 Creating a Next Generation Leading Entertainment Company and PSKY Q3'25 Shareholder Letter.Logo - https://mma.prnewswire.com/media/133154/netflix__inc__logo.jpg 



View original content:https://www.prnewswire.co.uk/news-releases/wbd-files-definitive-proxy-statement-and-schedules-special-meeting-for-march-20-2026-to-approve-the-wbd-netflix-transaction-302689461.html

Original: WBD Files Definitive Proxy Statement and Schedules Special Meeting for March 20, 2026, to Approve the WBD-Netflix Transaction

Holiday week brings fresh data, earnings and renewed U.S.–Iran talks to the fore: Dow Jones, S&P, Nasdaq, Wall Street FuturesFebruary 16, 2026 5:40 AM
IH Market News
Markets are heading into a shortened trading week packed with economic releases and major corporate earnings, while geopolitical developments between Washington and Tehran are keeping energy traders alert. Oil prices are holding in a narrow range ahead of new nuclear talks in Switzerland, Warner Bros. Discovery is reportedly reassessing a takeover proposal, and both gold and Bitcoin are under pressure.



U.S. markets shut for holiday



Wall Street is closed Monday for a public holiday, but investors are bracing for a busy schedule later in the week featuring key inflation data and high-profile earnings.On Friday, U.S. indices finished mixed. Traders weighed January inflation figures that showed price pressures easing more than expected, strengthening expectations that the Federal Reserve could bring forward its next rate cut to as early as June. Earlier in the week, however, a robust labor market report had fueled speculation that policymakers — who reduced rates several times in 2025 — might delay further easing until the second half of the year.The Nasdaq Composite remained under strain, reflecting persistent concerns about disruption in technology and communication services from the rapid development of new artificial intelligence models. Questions around competitive pressures and the timeline for returns on heavy AI infrastructure spending by mega-cap firms weighed on sentiment.Attention now shifts to Friday’s release of the U.S. personal consumption expenditures (PCE) price index for December, closely watched by Fed officials as a key inflation gauge. An advance estimate of fourth-quarter U.S. GDP is also due the same day.Earnings season continues, with results expected from companies including Walmart Inc. (NYSE:WMT), Palo Alto Networks (NASDAQ:PANW), Analog Devices (NASDAQ:ADI) and Booking Holdings (NASDAQ:BKNG).



Washington and Tehran to meet again



The U.S. and Iran are scheduled to hold a second round of nuclear negotiations in Switzerland this week, following renewed dialogue earlier in February.The diplomatic push comes alongside heightened tensions, with Washington deploying additional military assets to the Middle East and signaling readiness for further action should talks falter. President Donald Trump has repeatedly urged Tehran to accept an agreement or risk facing increased military pressure.Over the weekend, Iranian officials indicated a willingness to compromise on aspects of their nuclear program in exchange for relief from U.S. sanctions, adding that the next move rests with Washington.“[T]here is still a large risk premium priced into the market given the uncertainty over how the situation between the U.S. and Iran evolves,” analysts at ING said in a note.Oil markets were largely steady in European trading, with volumes dampened by holidays in China and the U.S. Weak Japanese growth data also raised concerns about global demand. Brent crude for April delivery was little changed at $67.72 per barrel.



Warner Bros. revisits takeover discussions – report



Separately, media reports suggest fresh developments in the ongoing takeover saga involving Warner Bros. Discovery (NASDAQ:WBD).According to Bloomberg, Warner Bros. is considering reopening negotiations with Paramount Skydance (NASDAQ:PSKY) after David Ellison’s group enhanced its hostile bid. Board members are reportedly evaluating whether Paramount’s proposal may be more attractive than an alternative offer from Netflix Inc. (NASDAQ:NFLX).Last week, Paramount pledged to increase the cash component payable to Warner Bros. shareholders for each quarter a deal remains unresolved in 2026 and to cover any penalties tied to breaking Warner’s current agreement with Netflix. However, the base offer of $30 per share was left unchanged.



Gold retreats



Gold prices slipped in European trading as the U.S. dollar stabilized following recent inflation data. Precious metals have been volatile in recent weeks, remaining below late-January highs.Spot gold declined 0.9% to $4,998.69 per ounce, while April gold futures fell 0.6% to $5,018.69. Although both gold and silver gained last week on dip-buying and dollar softness, geopolitical tensions have continued to support safe-haven demand.



Bitcoin extends slide



Bitcoin (COIN:BTCUSD) also moved lower, marking a fourth consecutive week of steep losses across cryptocurrency markets.The world’s largest digital asset retreated after briefly touching $70,000 over the weekend, falling 3.1% to $68,624.6. Bitcoin has now erased roughly half its value since reaching a record high near $126,000 in October.Meanwhile, Strategy (NASDAQ:MSTR), the largest corporate holder of Bitcoin, stated it could manage its debt obligations even if Bitcoin dropped as low as $8,000. In a social media post, the company said it can “withstand a drawdown in $BTC price to $8K and still have sufficient assets to fully cover our debt.”Strategy currently holds 714,644 Bitcoin, financed through a combination of equity issuance and long-term debt.Walmart stock pricePalo Alto stock priceAnalog Devices stock priceBooking Holdings stock priceWarner Brothers Discovery stock priceParamount Skydance stock priceNetflix stock price

Original: Holiday week brings fresh data, earnings and renewed U.S.–Iran talks to the fore: Dow Jones, S&P, Nasdaq, Wall Street Futures

U.S. payrolls in focus; Ford absorbs $900 million tariff charge – markets in motion: Dow Jones, S&P, Nasdaq, Wall Street FuturesFebruary 11, 2026 5:27 AM
IH Market News
Futures tied to the main U.S. equity benchmarks edged higher ahead of a closely watched employment report that could shape expectations for Federal Reserve rate policy later this year. Ford Motor Company (NYSE:F) recorded a sizeable charge related to a delay in U.S. tariff relief, but stronger-than-anticipated guidance supported its shares in extended trading. Meanwhile, an activist investor is reportedly urging Warner Bros. Discovery, Inc. (NASDAQ:WBD) to reject an approach from Netflix, Inc. (NASDAQ:NFLX), adding another chapter to the protracted takeover story.



Futures tick higher



By 02:33 ET, Dow futures were up 91 points, or 0.2%. S&P 500 futures gained 12 points, also 0.2%, while Nasdaq 100 futures advanced 48 points, or 0.2%.On Tuesday, the Dow Jones Industrial Average closed at a fresh record, but the S&P 500 and Nasdaq Composite slipped, pressured in part by renewed concerns about the impact of emerging artificial intelligence tools.Financial stocks were hit after wealth management start-up Altruis launched an AI-driven tax planning product. The Charles Schwab Corporation (NYSE:SCHW) fell more than 7%, while Raymond James Financial, Inc. (NYSE:RJF) posted its steepest one-day drop since the height of the 2020 pandemic turmoil.The selloff echoed recent AI-related weakness in insurance brokers and software names, reflecting concerns that the rapidly evolving technology could disrupt a wide range of industries, though some analysts argue these fears may be exaggerated.Weak retail sales data also dampened sentiment, prompting speculation that economic growth could slow in 2026. Expectations for a more dovish Federal Reserve stance increased, with CME FedWatch showing higher odds of a rate cut as early as April.



Employment report awaited



Against this backdrop, the spotlight turns to the delayed January U.S. jobs report.Economists expect payrolls to have risen by about 66,000 in January, up from 50,000 in December.At its most recent meeting, the Federal Reserve described the labor market as “stabilizing” after a period of weakness. Combined with still-elevated but steady inflation, this assessment led policymakers to keep rates unchanged in the 3.5% to 3.75% range.Earlier this week, White House economic adviser Kevin Hassett cautioned that advances in AI could weigh on job growth in the coming months, even as productivity improves.Uncertainty around employment and inflation — the Fed’s two key mandates — clouds the outlook for 2026. Today’s payrolls figures, along with Friday’s consumer price data, may provide clearer signals about the direction of rates next year.“Today’s jobs report is a pivotal event for the [foreign exchange] market. A materially weak print would likely pave the way for markets to price in a cut in April,” analysts at ING Groep N.V. wrote.



Ford hit by tariff delay



Ford shares edged higher in after-hours trading after the company issued guidance that topped expectations.The automaker projected annual operating income of roughly $9 billion, ahead of Wall Street’s $8.85 billion estimate. Forecast free cash flow of $5.5 billion also exceeded projections.However, Ford posted a fourth-quarter operating loss of $11.1 billion — the largest in its history — after taking a $900 million charge tied to a delay in the implementation of a Trump-era tariff relief program.Chief Financial Officer Sherry House said the company was informed of the “unexpected” shift “very late” in 2025.



Warner battle intensifies



Separately, takeover developments around Warner Bros. Discovery continued to unfold.The Wall Street Journal reported that activist investor Ancora Holdings has accumulated a stake worth roughly $200 million in Warner and plans to press the company to reject Netflix’s substantial bid for its film and television assets and HBO Max platform.According to the report, Ancora may disclose its position as soon as Wednesday and argue that Warner has not sufficiently considered a competing proposal from Paramount Skydance, led by David Ellison, which envisions acquiring the entire company rather than select divisions.Paramount has reportedly sweetened its offer by proposing additional cash payments to Warner shareholders for each quarter the transaction remains incomplete and by covering any breakup fee linked to abandoning the Netflix deal. However, the overall bid — valued at $108.4 billion including debt — remains unchanged.



Gold and oil move higher



Gold prices climbed after weak U.S. retail sales reinforced expectations of cooling economic momentum, heightening anticipation around payrolls data.Spot gold rose 0.4% to $5,047.08 per ounce, while futures gained 0.8% to $5,071.34, though prices remained below recent record highs.Oil prices also advanced. Brent crude increased 1.2% to $69.64 per barrel, and U.S. West Texas Intermediate gained 1.3% to $64.81 per barrel.Ford stock priceWarner Brothers Discovery stock priceNetflix stock priceCharles Schwab stock priceRaymond James stock price

Original: U.S. payrolls in focus; Ford absorbs $900 million tariff charge – markets in motion: Dow Jones, S&P, Nasdaq, Wall Street Futures

NFLX current pps 83.59

Recent NFLX filings regarding bid for Warner Bros Discovery


Date: February 9, 2026
On February 9, 2026, Clete Willems, Chief Global Affairs Officer of Netflix, Inc., joined “The Claman Countdown” with Liz Claman. A copy of the transcript for the interview can be found below.
https://www.sec.gov/Archives/edgar/data/1065280/000119312526043329/d28121ddfan14a.htm

Date: February 3, 2026
Written Testimony of Ted Sarandos, Co-Chief Executive Officer of Netflix, Inc., Before the Senate Judiciary Committee Subcommittee on Antitrust, Competition Policy, and Consumer Rights Hearing on “Examining the Competitive Impact of the Proposed Netflix-Warner Brothers Transaction” 2.3.2026
https://www.sec.gov/Archives/edgar/data/1065280/000119312526035873/d860690ddfan14a.htm

Date: January 23, 2026
Netflix says Paramount bid ‘doesn’t pass sniff test’ as Warner battle intensifies
https://www.sec.gov/Archives/edgar/data/1065280/000119312526021283/d50553ddfan14a.htm

Warner Bros. Discovery stock rises after Paramount sweetens takeover offer

Louis Juricic
Tue, February 10, 2026 at 8:00 AM MST 1 min read

https://finance.yahoo.com/news/warner-bros-discovery-stock-rises-150035715.html

Investing.com -- Warner Bros. Discovery Inc. (NASDAQ:WBD) stock rose 2% Tuesday after Paramount Skydance Corporation (NASDAQ:PSKY) enhanced its $30 per share all-cash takeover offer with additional financial incentives.

The improved bid now includes a $0.25 per share quarterly "ticking fee" that would begin accruing January 1, 2027, if the transaction hasn’t closed by December 31, 2026. This would add approximately $650 million in cash value each quarter, demonstrating Paramount’s confidence in securing regulatory approval quickly.

In a significant move, Paramount has also agreed to cover Warner Bros. Discovery’s $2.8 billion termination fee to Netflix Inc. (NASDAQ:NFLX), addressing a major financial obstacle to the deal. The WBD board had previously rejected Paramount’s offer in December 2025, stating it wasn’t in shareholders’ best interests and didn’t qualify as a "Superior Proposal" under WBD’s existing merger agreement with Netflix.

Paramount will additionally eliminate WBD’s potential $1.5 billion debt financing cost by backstopping a bond exchange offer, with a commitment to reimburse shareholders if the exchange fails and the transaction doesn’t close.

The enhanced offer is backed by $43.6 billion in equity commitments from the Ellison Family and RedBird Capital Partners, plus $54.0 billion in debt commitments from Bank of America, Citigroup and Apollo. Larry Ellison has provided a personal guarantee of $43.3 billion.

Paramount has extended its tender offer expiration to March 2, 2026. As of February 9, 42.3 million WBD shares had been tendered. Warner Bros. Discovery has not yet responded to the improved offer.

Netflix Shares Edge Higher After Trump Steps Back From Warner Bros Discovery Deal ReviewFebruary 5, 2026 9:27 AM
IH Market News
Netflix (NASDAQ:NFLX) shares climbed 1.6% on Thursday morning after U.S. President Donald Trump signalled he would not take part in the dispute involving Netflix and Paramount Skydance over Warner Bros Discovery (NASDAQ:WBD).The streaming company’s stock advanced following remarks Trump made to NBC News indicating he has “decided I shouldn’t be involved” in the ongoing review of the proposed media deal. His position represents a shift from comments made in December, when he suggested he would “be involved in that decision” regarding Netflix’s planned acquisition.“The Justice Department will handle it,” Trump said during the interview, indicating that regulatory scrutiny of Netflix’s $82.7 billion bid for Warner Bros Discovery will remain in the hands of federal antitrust authorities. The U.S. Department of Justice is currently assessing both Netflix’s proposal and a rival hostile takeover attempt by Paramount Skydance.Trump also acknowledged the intense rivalry between the bidders, stating, “There’s a theory that one of the companies is too big and it shouldn’t be allowed to do it, and the other company is saying something else. They’re beating the hell out of each other – and there’ll be a winner.”Netflix stock price

Original: Netflix Shares Edge Higher After Trump Steps Back From Warner Bros Discovery Deal Review

Senate Antitrust Panel Chair Raises concerns over Netflix - Warner Deal - WSJ

The chairman of the Senate's antitrust subcommittee is raising concerns over Netflix 's proposed acquisition of the Warner Bros. movie-and-television studios and HBO Max streaming service

In a letter to Netflix and Warner Discovery leaders, Sen. Mike Lee (R., Utah ) said the deal "appears likely to raise serious antitrust issues, including the risk of substantially lessening competition in streaming markets." Lee's letter was sent to Netflix Co-Chief Executives Ted Sarandos and Greg Peters and Warner Discovery Chief Executive David Zaslav last week.

The senator said the deal "raises concerns about potential abuse of the merger review process," particularly if an acquirer obtains "competitively sensitive information under the guise of due diligence." Lee chairs the subcommittee on antitrust, competition policy and consumer rights under the Senate Judiciary Committee .

A subcommittee hearing on the Warner- Netflix deal is scheduled for Feb. 3 . The Justice Department is responsible for reviewing Netflix 's deal to acquire the Warner studio and streaming assets. Netflix has agreed to pay $27.75 per share in cash in a deal totaling $72 billion .

Lee's letter said he was concerned that the Warner- Netflix deal "could operate as a so-called `killer non- acquisition,' effectively weakening a major competitor through the pendency of the merger review process." The letter didn't mention Netflix 's rival Paramount , which is seeking to thwart the proposed merger and buy Warner Discovery itself.

The Justice Department is also reviewing Paramount's rival hostile bid for all of Warner Discovery including its cable networks unit that houses CNN , TNT, Food Network and other channels. Paramount's all-cash bid is worth $77.9 billion .

Paramount has made a tender offer to Warner shareholders and last week extended its deadline to Feb. 20 . The Warner board has encouraged shareholders to reject Paramount's offer.

As Paramount pushes its rival offer to Warner shareholders, it is arguing that the combination of Netflix and HBO Max will raise anticompetitive issues both in the U.S. and overseas.

Warner and Netflix have said they expect regulatory approval for the deal.

A Warner spokesman said in response to Lee's letter that the company is "complying with all relevant laws in its dealings with Netflix ."

Netflix declined to comment.

Even before a Warner- Netflix proposed deal was announced, Lee had been publicly questioning the legality of the combination. He posted on X before the deal that the tie-up "would mean the end of the Golden Age of streaming for content creators and consumers."

Seems to be a little misinformation here!! Load Up if you can!! Thank me later!!

PARAMOUNT FILES PROXY MATERIALS AND EXTENDS TENDER OFFER
By PR Newswire | January 22, 2026, 8:05 AM

https://finviz.com/news/283663/paramount-files-proxy-materials-and-extends-tender-offer

Amended Netflix merger agreement represents acknowledgment by WBD that its original agreement was inferior, but new transaction remains inferior to Paramount's $30 per share all cash offer

Paramount will solicit WBD shareholders to vote against the Netflix transaction and other proposals at WBD special meeting

Paramount extends its tender offer as it continues to work toward regulatory clearance

LOS ANGELES and NEW YORK, Jan. 22, 2026 /PRNewswire/ -- Paramount Skydance Corporation (NASDAQ: PSKY) ("Paramount") today announced it has filed preliminary proxy materials with the U.S. Securities and Exchange Commission ("SEC") to solicit shareholders of Warner Bros. Discovery, Inc. (NASDAQ: WBD) ("WBD") to vote against the amended transaction with Netflix, Inc. (NASDAQ: NFLX) and related proposals at the special meeting of WBD stockholders. Paramount has also extended its $30 per share all-cash tender offer to February 20, 2026, reaffirming its commitment to a transaction with WBD at a $108.4 billion enterprise value that is significantly greater and far more certain than the purported $82.7 billion enterprise value of the Netflix transaction.

In the materials filed by WBD in connection with its amended Netflix merger agreement, WBD revealed for the first time some of the critical information that had been withheld from its shareholders, but it still has omitted highly material information its shareholders need about Discovery Global:

The consideration payable to WBD shareholders in the Netflix transaction falls well short of Paramount's $30 per share all-cash offer.

In the Netflix transaction, WBD shareholders will receive $27.75 per share in cash, or less if WBD is unsuccessful in putting $17 billion in debt on Discovery Global (assuming the separation occurs as of June 30, 2026). If WBD has to allocate some or all of that debt back to its Streaming and Studios business, that will reduce the per share consideration dollar-for-dollar that WBD shareholders will receive.

If the declining Discovery Global business is leveraged in line with its closest comparable company, Versant Media, at 1.25x NTM EBITDA, it could only support ~$5.1 billion of net debt as of June 30, 2026. At that debt level, ~$11.9 billion would be transferred to Warner Bros. Studio & Streaming business, reducing the cash per share from Netflix to WBD shareholders to ~$23.20.

It is worth noting that $17 billion is an even higher level of debt than Paramount assumed for Discovery Global when it released its own analysis of the equity value of between $0.00 and $0.50 per share1.

WBD's own financial advisors provided discounted cash flow valuation analyses of the Discovery Global equity value as low as $0.72 per share.
Despite the fact that the capital structure of Discovery Global will directly determine the actual amount WBD shareholders receive in the Netflix transaction, and WBD will be required to disclose such information as well as full financial information about Discovery Global at the time of the separation, WBD plans to solicit shareholder approval for the Netflix transaction without this information. This is even more extraordinary given that the WBD Board uses claims about the value of the Discovery Global equity as a basis for asserting the transaction delivers more than Paramount's $30 per share all-cash offer.

WBD is rushing to solicit shareholder approval for the Netflix transaction even though, in its own words, "WBD stockholders will not know or be able to determine the specific Merger Consideration that will be paid to WBD stockholders upon consummation of the [Netflix] Merger."

The Netflix transaction faces severe regulatory risk because it would further entrench market concentration, in contrast to a combination with Paramount that enhances competition and strengthens the long-term prospects of the entertainment industry.

The Netflix transaction would materially entrench Netflix's market dominance, giving it an estimated 43% share of global Subscription Video on Demand subscribers and leading to higher prices for consumers, reduced compensation for content creators and talent, and significant harm to American and international theatrical exhibitors.

Netflix's regulatory path is particularly challenged in Europe, where Netflix is by far the dominant streaming service and where WBD's HBO Max is its only viable international competitor.

Netflix has unsuccessfully sought to address these concerns by putting forward a non-credible market definition of the streaming market that includes services like YouTube, TikTok, Instagram, and Facebook and that no regulator has ever accepted.

By contrast, the combination of Paramount and WBD is pro-competitive, with moviegoers, studio workers and creative talent all set to thrive thanks to the combined company's expanded theatrical film production and content.

Our offer remains superior on both value and certainty.

The WBD Board was publicly defending the prior Netflix transaction even as it was negotiating a new merger agreement, an admission about the inferior aspects of the deal.

The WBD Board refused to engage with Paramount's representatives even after it decided to reopen negotiations with Netflix on its transaction.
The WBD Board continues to withhold highly material information about Discovery Global while moving forward to seek shareholder approval that will cut off any ability for WBD shareholders to receive the benefits of Paramount's value-maximizing offer.

Shareholders with questions about how to vote their WBD shares AGAINST the inferior Netflix transaction may contact Paramount's proxy solicitor Okapi Partners at (212) 297-0720, Toll-Free: (844) 343-2621, or by email at info@okapipartners.com.

Paramount has extended the expiration date of its tender offer to February 20, 2026. Equiniti Trust Company, LLC, as the depositary for the tender offer, has advised Prince Sub that, as of 11:00 p.m., New York City time, on January 21, 2026, 168,511,695 shares had been validly tendered and not withdrawn from the tender offer.

Netflix Stock Nosedive Will Continue, No Matter What

Douglas A. McIntyre
Wed, January 21, 2026 at 7:15 AM MST 3 min read
https://finance.yahoo.com/news/netflix-stock-nosedive-continue-no-141543091.html?


Netflix Inc. (NASDAQ: NFLX) announced what appeared to be good earnings, but its stock fell. It will continue to fall as the media company pushes into a completely new business.

Shareholders do not seem to be convinced about Netflix pushing into a new line of business.

Management announced that the number of paid subscribers rose above 325 million for the first time in the most recent quarter. Furthermore, its advertising business is a remarkable success and gives the company two strong lines of revenue. Revenue increased 18% year over year to just above $12 billion. Net income rose 29% to $2.4 billion. The company forecast revenue for this year in a range of $50.7 billion to $51.7 billion.

The one thing investors can count on with Netflix is that it is so far ahead of its competition, and so much more profitable, that it will indefinitely lead the streaming industry by a wide margin. The sole exception may be Amazon Prime Video. As for streaming services, like Disney+, owned by large media companies, most are barely profitable and struggling with churn. The estimated churn rate across the industry is 5% a month. Netflix’s number is 2%.

Wall Street hates the offer Netflix has made for Warner Bros. Discovery’s studios and HBO Max, which is now up to $72 billion. Investors hope that the Paramount Skydance offer will win, despite resistance from Warner Bros. Discovery. If the Netflix offer fails, its stock will soar. That should tell Netflix’s management everything they need to know.

The $72 billion deal shows a weakness in Netflix management’s strategic plans. It signals that it does not have faith in itself as a standalone company in its current business. It has to reach for another business to have a brighter future, management clearly thinks. Unfortunately, it is reaching for a legacy business that is dying. That makes the offer even more puzzling.

There is nothing wrong with what people call “sticking to knitting.” That is, stay with the business plan that made you successful. Get better at it every day. Manage for growth and margins. Give your shareholders reason to believe that the strategy they bought into is good enough.

81.95 NFLX 52 week low

Merger not good news?

In breakdown mode since 2 Jan 2026.
Added more shares at $84.95 BLTA

Subscriber momentum and the ad-supported tier continue to support the story, but at this valuation the focus stays on margin expansion and disciplined content spend.

Big dip NFLX

~bought some 1/30 $120 calls @.07c 

I've owned Lionsgate for years and even though they make hit after hit, the stock has been garbage.
I think, like a penny stock, or the mob, shareholders money is used to pay expenses and all profits kept by insiders.