WARNER Bros Discovery (WBD) is likely to hold a shareholder vote on the $82.7-billion deal to sell its streaming and studio assets to Netflix in March, CNBC reported on Monday.
The HBO owner said no date has been set for the shareholder vote yet and it will be set once the preliminary proxy filing becomes final.
Netflix did not immediately respond to a Reuters request for comment.
A green light from investors would move the deal forward, but it could face intense scrutiny from the United States and European competition authorities, who will assess if the combination would reduce competition or limit consumer choice.
If shareholders were to reject the Netflix deal, Paramount Skydance is expected to continue escalating pressure and attempt to replace Warner Bros’ board members with directors more open to reviewing or approving its hostile $108.4-billion offer, Reuters reported.
Warner Bros’ board unanimously rejected Paramount’s bid, labeling it “inadequate” and “not in the best interests” of shareholders.
The David Ellison-led company extended the deadline for its tender offer to Feb. 20, giving it more time to convince investors that its proposal for the Hollywood studio was superior to a rival bid from Netflix.
For Netflix, gaining access to WBD’s marquee assets — from “Friends” to “Batman” — could give it the cultural firepower to develop a new wave of streaming-first spin-offs, prequels and sequels.
It would also make Netflix the biggest global streaming player, with roughly half a billion subscribers.
