WBD Shareholder Vote On Netflix Bid Likely Next Month

Warner Bros. Discovery (WBD) shareholders are likely to vote in March on the $82.7 billion deal to sell the company's streaming and studio assets to Netflix, according to a CNBC report.

No specific date has been set for the vote. Warner Bros. Discovery stated it will be scheduled once the preliminary proxy filing becomes final.

Approval by shareholders would advance the transaction, though the combined entity could face significant regulatory review from U.S. and European antitrust authorities over potential impacts on competition and consumer choice.

If shareholders reject the Netflix deal, Paramount Skydance is poised to intensify its campaign, including efforts to replace Warner Bros. Discovery's board with directors more favorable to its rival hostile $108.4 billion offer. Paramount Skydance recently extended its tender offer deadline to February 20 to build support, arguing its all-cash proposal is superior.

Warner Bros. Discovery's board has unanimously rejected Paramount's bid as "inadequate" and not in shareholders' best interests.

For Netflix, acquiring Warner Bros. Discovery's key assets—including franchises like "Friends" and "Batman"—would provide major content for new streaming series, spinoffs, prequels, and sequels. The deal would also position Netflix as the world's largest streaming service, approaching half a billion subscribers.