Hollywood’s Biggest M&A Battle Enters Final Round

EXCLUSIVE  |  M&A · STREAMING · ENTERTAINMENT TECH

Hollywood’s Biggest M&A Battle Enters Final Round

WBD sets March 20 shareholder vote on $83B Netflix merger,

grants Ellisons a 7-day window for a final counterbid. $83B vs $108B—who takes Hollywood?

Warner Bros. Discovery (WBD) on Monday set March 20 as the date for a special shareholder meeting to vote on its $83 billion all-cash merger with Netflix, while simultaneously opening a seven-day negotiation window for Paramount Skydance (PSKY)—led by Oracle co-founder Larry Ellison’s son David Ellison—to submit a binding counteroffer above $31 per share.

The WBD board unanimously reaffirmed its support for the Netflix deal but left the door ajar: if PSKY delivers a definitively superior proposal by February 23, the board will reconsider. Netflix’s $27.75 per share ($83B enterprise value) versus PSKY’s indicated $31-plus ($108B)—the largest acquisition battle in Hollywood history has effectively entered its championship round.