Netflix Acquisition of Warner Bros. Discovery Moves to Shareholder Vote

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The proposed acquisition of Warner Bros. Discovery (WBD) by Netflix is accelerating, with the target company setting a definitive date for a special shareholder meeting. This formal step brings the deal closer to a conclusion, even as a brief window for discussions with a competing bidder remains open.

• Warner Bros. Discovery has filed its definitive proxy statement with regulators, formally calling for a shareholder vote on the Netflix transaction.
• A special meeting of WBD shareholders has been scheduled for March 20, 2026.
• Netflix has granted WBD a seven-day waiver period, allowing it to re-engage in talks with rival bidder Paramount Skydance.

Final Steps and a Rival's Last Chance

In a significant procedural move, WBD has submitted the final documentation required for its investors to approve the merger with Netflix. This sets the stage for the decisive vote on March 20, 2026.

Concurrently, a new development has emerged. Netflix has provided WBD with a seven-day exception to its exclusivity terms. During this period, which began yesterday, WBD is permitted to reopen negotiations with Paramount Skydance regarding its competing offer. The purpose is to clarify terms and address unresolved points from Skydance's latest proposal.

Despite this concession, the WBD board has publicly reiterated its recommendation for shareholders to support the transaction with Netflix. In its own statement, Netflix maintained that its agreement delivers "superior value and certainty," but acknowledged the competing offer has become a "persistent distraction" it seeks to resolve.

Regulatory and Structural Context

This phase follows a key adjustment made to the deal in January, when Netflix and WBD revised their agreement to a pure cash transaction. The potential acquisition continues to be monitored by political and regulatory bodies, with antitrust concerns likely prompting a detailed regulatory review.

The path forward now has a clear milestone. The focus shifts to the special meeting on March 20, where WBD shareholders will cast their votes, determining whether the company will merge with the streaming giant.