Warner Bros Discovery (WBD) sets shareholder vote date for Netflix (NFLX) bid on March 20th and unanimously recommends shareholders reject latest Paramount (PSKY) offer

• WBD to open negotiations with Paramount.
• Remains 'fully committed' to closing deal with Netflix.
• Gives Paramount a week to negotiate a better deal.
• Paramount exec verbally offered USD 31/shr.
• Netflix agreed to give Warner Bros 7 days to negotiate with Paramount.
• Paramount exec said a USD 31/shr wasn't 'best and final proposal'.
• WBD expects Paramount to offer above USD 31/shr.

Warner Bros Discovery's announcement to set a vote date for their Netflix bid, while recommending shareholders reject Paramount's current offer, indicates a strategic prioritization of the Netflix deal. This move signals potential for heightened M&A activity in the sector, particularly as WBD remains committed to negotiating with Paramount for a more competitive offer, potentially reshaping both companies' valuations.