Netflix says Warner Bros Discovery shareholders likely to back $82.7 billion offer

Netflix co-chief executive Greg Peters has said the streaming company is on track to secure shareholder backing for its $82.7 billion bid to acquire Warner Bros Discovery’s film and television studios, according to a report by the Financial Times.

In an interview with the newspaper, Peters said only a limited number of Warner Bros Discovery (WBD) shares had been tendered in response to Paramount’s hostile $108 billion bid for the entire company, suggesting weak shareholder support for the rival offer.

Netflix’s proposal, which targets WBD’s studio assets rather than the full company, was recently revised to an all-cash offer. Peters said the revised structure offers greater deal certainty compared with Paramount’s proposal, which is partly financed through debt estimated at $55 billion. He also highlighted Netflix’s balance sheet as a factor that could support a smoother transaction.

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Earlier this month, the Warner Bros Discovery board rejected an amended bid from Paramount that included $40 billion in equity. That offer was backed by a personal guarantee from Larry Ellison, the co-founder of Oracle and father of Paramount CEO David Ellison.

Peters questioned the feasibility of Paramount’s bid without external backing, saying the structure depended heavily on Ellison’s personal financial support.

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Paramount Skydance on Thursday extended the deadline for its hostile tender offer for Warner Bros Discovery to February 20. The extension came shortly after Netflix converted its proposal into an all-cash offer, a move aimed at addressing investor concerns around deal execution and valuation certainty.

Netflix, Warner Bros Discovery and Paramount Skydance did not immediately respond to requests for comment outside regular business hours.