00:00Paramount Skydance extending its tender offer for Warner Brothers with the new offer expiring
00:04February 20th. Is more time going to move the needle here? Maybe. So they're basically moving
00:12this every month to create a sense of urgency for shareholders to tender their Warner Brothers
00:16shares to Paramount. And as the piece just noted, about 7% have done so already. But investors tend
00:25to wait until the last minute. Warner Brothers has said there's going to be a vote on the
00:30Netflix deal by April. And so what Paramount has done today is two scenarios. One, that
00:37you can either tender your shares, your Warner Brothers shares to Paramount, basically saying
00:41I'll sell them to you. Or what they're going to do is solicit a proxy so they will vote in
00:47favor of their plan, Paramount will, at the Warner Brothers meeting. So basically they'll
00:54say we want you to reject the Netflix deal and we'll vote for you. So that's what's going
01:00on.
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