After Warner Bros. announced on 5 December 2025 an agreement to be acquired by Netflix, Paramount, through a subsidiary, announced a tender offer to buy all outstanding shares of Warner Bros. for $30.00 and a deadline of 8 January 2026 (Netflix, SEC - Paramount Tender Offer 8 December 2025, CNBC, Investopedia - Tender Offer). On 17 December 2025, the board of directors of Warner Bros. called on its shareholders to reject Paramount's offer (CBS News). Whether Paramount extends the deadline for its tender offer, in and of itself, is immaterial. The question will close early upon Paramount publicly announcing that it is abandoning its offer to purchase Warner Bros., and an increased offer including payment in something other than cash (e.g., equity) will count.

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