Warner Bros shareholders likely to vote on Netflix deal in March: report

Warner Bros. Discovery will likely hold a shareholder vote on its $82.7 billion deal to sell its streaming and studio assets to Netflix in March, CNBC reported Monday.Warner Bros Discovery and Netflix did not immediately respond to Reuters requests for comment.

A green light from investors would advance the deal but could face intense scrutiny from U.S. and European competition authorities, which will assess whether the combination would reduce competition or limit consumer choice.

If shareholders were to reject the Netflix deal, Paramount Skydance is expected to keep up the escalating pressure and seek to replace Warner Bros board members with directors more open to reviewing or approving the $108.4 billion hostile bid, Reuters reported.

The Warner Bros board unanimously rejected Paramount’s offer, calling it “inadequate” and “not in the best interests” of shareholders.

The David Ellison-led company extended the deadline for its bid to February 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 big assets — from “Friends” to “Batman” — could give it the cultural firepower to develop a new wave of streaming-first spinoffs, prequels and sequels.

It would also make Netflix the largest global streaming player, with about half a billion subscribers.