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Warner Bros. Discovery in its rejection of Paramount Skydance’s unsolicited $108 billion tender offer

On December 17, 2025, Warner Bros. Discovery, Inc. (NASDAQ: WBD) announced that its Board of Directors has unanimously determined that the $108 billion unsolicited tender offer launched by Paramount Skydance (NASDAQ: PSKY) on December 8, 2025 is not in the best interests of WBD and its shareholders and does not meet the criteria of a “Superior Proposal” under the terms of WBD’s merger agreement with Netflix announced on December 5, 2025.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to WBD in connection with the Netflix merger and responding to the unsolicited tender offer.

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