Paramount Extends Warner Bros. Discovery Tender Deadline -- WSJ

Dow Jones01-22

By Melissa Korn

Paramount extended the deadline on its tender offer for Warner Bros. Discovery to Feb. 20 and urged shareholders on Thursday to reject the latest offer from rival suitor Netflix.

The extension gives Paramount more time to court Warner shareholders with its $77.9 billion offer for the full company. Warner said earlier this week that it had struck a new, all-cash deal with Netflix for its studios and HBO Max streaming service, valued at $72 billion.

Paramount's offer was set to expire Wednesday, itself was an extension from a Jan. 8 deadline. The company said Thursday that roughly 168.5 million Warner shares had been validly tendered so far, which is less than 10% of total Warner shares outstanding.

Paramount said the new Warner-Netflix deal leaves shareholders with greater uncertainty over their actual potential payout, because of questions about the amount of debt associated with Warner's linear networks.

Warner has said Netflix's offer is superior, in part because its stockholders would retain shares in that portion of the company that the streamer wouldn't buy, giving them access to potential upside.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

January 22, 2026 08:27 ET (13:27 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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The full stream can be found by searching P/WSJL (WSJ Live Coverage). \n</p>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  January 22, 2026 08:27 ET (13:27 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Paramount Extends Warner Bros. 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Discovery to Feb. 20 and urged shareholders on Thursday to reject the latest offer from rival suitor Netflix. \n\n\n     The extension gives Paramount more time to court Warner shareholders with its $77.9 billion offer for the full company. Warner said earlier this week that it had struck a new, all-cash deal with Netflix for its studios and HBO Max streaming service, valued at $72 billion. \n\n\n     Paramount's offer was set to expire Wednesday, itself was an extension from a Jan. 8 deadline. The company said Thursday that roughly 168.5 million Warner shares had been validly tendered so far, which is less than 10% of total Warner shares outstanding. \n\n\n     Paramount said the new Warner-Netflix deal leaves shareholders with greater uncertainty over their actual potential payout, because of questions about the amount of debt associated with Warner's linear networks. \n\n\n     Warner has said Netflix's offer is superior, in part because its stockholders would retain shares in that portion of the company that the streamer wouldn't buy, giving them access to potential upside. \n\n\n       This item is part of a Wall Street Journal live coverage event. 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