Faber Report: Warner Bros. shareholder vote on Netflix deal likely to be held in March

Summary

David Faber reports that Warner Bros. Discovery's shareholder vote on the Netflix deal is likely to be held in March, following an amended proxy filed that morning. The vote is central to Paramount's effort to defeat the Netflix deal, and Paramount must decide whether to raise its $30 all-cash bid before the vote. Faber notes possible HSR antitrust clearance before the vote, Netflix's likely response if Paramount raises, and the $2.8 billion break fee as key variables.

• Amended WBD proxy filed; vote timeline accelerating.
• WBD shareholder vote on Netflix deal may occur in early March.
• Paramount hopes shareholders vote down the Netflix deal.
• Paramount is deciding whether to raise its $30 all-cash bid.
• Pre-vote HSR antitrust clearance would be positive for Paramount.
• Netflix may not stand pat if Paramount raises its bid.
• $2.8 billion break fee transparency remains an issue.