In the high-stakes world of media mergers, David Ellison's Skydance Media is making a determined push for Warner Bros. Discovery (WBD), extending its all-cash acquisition offer. This strategic maneuver intensifies the rivalry with Netflix, which also seeks to acquire WBD. Skydance is actively trying to sway WBD shareholders, advocating for its proposal over the Netflix deal. The situation remains fluid, with both parties vying for control of the entertainment giant's assets and future direction.
Skydance Renews Hostile Bid for Warner Bros. Discovery, Challenges Netflix's Offer
In a significant development on January 22, 2026, Skydance Media, under the leadership of David Ellison, officially extended its all-cash tender offer to acquire Warner Bros. Discovery (WBD). This renewed bid, set at $30 per share, provides a valuation of $108.4 billion for WBD's enterprise. The deadline for this offer has been pushed to February 20, 2026, marking an aggressive continuation of Skydance's pursuit.
This extension comes in direct opposition to Netflix's ongoing negotiations to acquire WBD. Netflix had recently revised its own offer on January 20, 2026, transforming it into an all-cash deal valued at $82.7 billion. Despite Netflix's efforts to sweeten its proposal and the WBD board's repeated rejections of Skydance's previous overtures, Ellison and his team remain steadfast.
Skydance has gone a step further by filing preliminary proxy materials with the U.S. Securities and Exchange Commission (SEC). These filings are intended to solicit WBD shareholders to vote against the Netflix transaction at a special meeting scheduled for April. Skydance emphasizes that its offer represents a "significantly greater and far more certain" value proposition for WBD shareholders compared to the Netflix agreement.
The media industry is closely watching this unfolding corporate drama, as the outcome will significantly impact the landscape of streaming and content production. WBD's board has consistently backed the Netflix deal, highlighting an intriguing dynamic where a suitor is directly appealing to shareholders over the board's recommendation. The final decision by WBD shareholders in April will determine the future ownership and strategic direction of Warner Bros. Discovery's extensive portfolio, including its film and television studios and the HBO Max streaming service.
This ongoing battle for Warner Bros. Discovery highlights the fierce competition and consolidation within the global media and entertainment sector. It underscores the immense value placed on established content libraries and streaming capabilities in today's digital age. For companies like Skydance and Netflix, securing such a significant entity could reshape their market positions and future growth trajectories. The strategic maneuvers employed by both parties, particularly Skydance's direct appeal to shareholders, demonstrate the evolving tactics in corporate takeovers. Ultimately, the resolution of this acquisition saga will provide crucial insights into investor sentiment and the strategic priorities of major media conglomerates.