Netflix Urges WBD Shareholders to Back Merger, Reject Paramount Skydance Bid

• Netflix sent a letter to Warner Bros. Discovery (WBD) shareholders, urging them to approve its merger agreement and reject Paramount Skydance's hostile offer.
• The WBD board previously recommended the Netflix merger, citing it as the "best and most certain path forward" compared to Paramount's "inadequate" bid.
• The Netflix deal offers WBD shareholders $27.75 per share ($23.25 cash + $4.50 Netflix stock) plus value from Discovery Global's separation.
• Netflix emphasized the deal's certainty, with regulatory approvals underway and completion expected within 12-18 months.
• Netflix highlighted its vision for a combined company offering more choice, value, and opportunity for creators and audiences globally.

Why It Matters: Netflix pitches "certainty" and superior value to WBD shareholders, urging approval of its merger over Paramount's bid.