Antitrust and Corporate Regulation

Netflix and Warner Bros. Discovery have amended and approved a $72 billion, all‑cash offer at $27.75 per share, with Warner Bros. filing a preliminary proxy and saying a shareholder vote could come as soon as April (shareholders would also receive Discovery Global shares following the separation). Paramount Skydance’s sweetened $77.9 billion hostile bid has been rebuffed by Warner’s board, which criticized it as a heavily leveraged proposal; Paramount has sued in Delaware and plans a proxy fight and to name its own slate, but a judge denied an expedition request and those legal and takeover efforts have so far stalled amid warnings of closing risk and expected antitrust scrutiny.