Warner Bros. Discovery (WBD) filed a definitive proxy statement and scheduled a special shareholder meeting for March 20, 2026. Shareholders will vote on the proposed merger with Netflix during this session. Netflix characterized the filing as a milestone for its board-recommended transaction.
Netflix granted WBD a limited seven-day waiver to engage in discussions with rival bidder Paramount Skydance. This window allows Paramount Skydance to present its best and final offer for the company.
The WBD board continues to unanimously recommend the existing Netflix deal. Leadership cited greater value and a clearer path to regulatory approval for the preference.
Netflix (NFLX) shares rose 0.53% in pre-market trading following the announcements. The development introduces new uncertainty into the takeover battle for WBD assets.