Paramount Skydance (PSKY) plans to extend the deadline for its hostile takeover of Warner Bros. Discovery (WBD) , though it’s not raising the $30 a share price tag.
Paramount (PSKY) will extend a Wednesday deadline for the tender offer for Warner Bros. holders to accept its offer, according to a NY Post report on Wednesday. It’s not clear how long the tender offer will be extended.
The news comes after Netflix on Tuesday disclosed an updated proposal to acquire key parts of Warner Bros. Discovery in an all-cash transaction valued at $27.75 per share, plus the value from the planned separation of Discovery Global.
Prediction markets suggest investors see Netflix (NFLX) as the frontrunner. Data from Kalshi shows a 69% implied probability that Netflix ultimately prevails, compared with a 17% chance for Paramount Skydance.