Paramount Skydance Corp. (PSKY) has extended the tender offer deadline for its $108.4B hostile takeover of Warner Bros. Discovery Inc. (WBD) to February 20, the company said in a statement on Thursday.
In its latest statement, Paramount has reiterated that its $30 per share offer for the whole of Warner Bros. is still superior to Netflix Inc.’s (NFLX) $27.75 per share all-cash offer for just streaming and studio assets.
Paramount claimed that Netflix’s revised offer represents acknowledgment by WBD that its original agreement with the streaming giant was inferior.
Paramount also warned WBD shareholders that if the HBO parent is unable to transfer $17B of debt onto the TV networks unit in the spinoff transaction, Netflix’s cash offer would decline.