Warner Bros. Discovery, Inc. ("Warner Bros. Discovery" or "WBD") (NASDAQ:WBD) today confirmed that it has received a revised proposal from Paramount Skydance Corporation ("Paramount Skydance" or "PSKY") (NASDAQ:PSKY) to acquire all of the outstanding shares of WBD common stock.

The Board issued the following statement:

Following engagement with PSKY during the seven-day limited waiver period, we received a revised PSKY proposal to acquire WBD, which we are reviewing in consultation with our financial and legal advisors. We will update our shareholders following the Board's review. The Netflix merger agreement remains in effect, and the Board continues to recommend in favor of the Netflix transaction. WBD shareholders are advised not to take any action at this time with respect to the amended PSKY tender offer.

Allen & Company, J.P. Morgan and Evercore are serving as financial advisors to Warner Bros. Discovery and Wachtell Lipton, Rosen & Katz and Debevoise & Plimpton LLP are serving as legal counsel.

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