Paramount extends deadline on hostile Warner Bros bid to February 20

Paramount Skydance has extended its hostile tender offer deadline for Warner Bros Discovery to February 20, aiming to convince investors of the superiority of its bid over Netflix's offer. The deal, if successful, could reshape Hollywood's power dynamics, with significant assets like DC Comics, iconic franchises, and the HBO Max streaming service at stake. Netflix revised its $82.7 billion offer to be entirely cash-based to expedite the deal and provide financial certainty to investors. Warner Bros Discovery's board unanimously approved Netflix's offer, while Paramount has launched a legal challenge and a charm offensive to persuade Warner Bros to negotiate. The outcome will likely be decided by a shareholder vote expected by April, where investors will assess the value of Warner Bros' cable assets.