The bidding war continues to escalate! Paramount Sky (PSKY.US) once again extends the deadline for the exploration of a takeover offer for Warner Brothers (WBD.US).

Paramount Sky (PSKY.US) has extended the deadline for its tender offer to acquire Warner Bros. Discovery Inc. (WBD.US) stock, allowing its shareholders more time to decide whether to accept the acquisition offer. According to proxy filings submitted on Thursday, Paramount Sky has extended the deadline for the latest offer to February 20. Paramount Sky has been attempting to acquire Warner Bros. Discovery since September of last year. The company initially launched the tender offer on December 8, just three days after Netflix announced its agreement to acquire Warner Bros. Studios and streaming business. Paramount Sky had previously extended the deadline for the offer on December 22. Paramount Sky CEO David Ellison has stated that he will challenge Netflix's deal at the next Warner Bros. shareholder meeting. Warner Bros. plans to hold a special shareholder meeting no later than April to approve the deal with Netflix, meaning Paramount Sky has a limited time to convince shareholders that their proposal is more attractive. Recently, Paramount Sky has been lobbying for its acquisition proposal for Netflix, engaging with shareholders and regulatory authorities, emphasizing its all-cash offer of $30 per share as financially advantageous and claiming it would bring better results for consumers. In contrast, Warner Bros. board of directors has consistently supported the Netflix deal, believing it will create higher overall value for shareholders. On Tuesday, Netflix announced a revised all-cash agreement to acquire Warner Bros.'s streaming and studio business. The revision aims to expedite the completion of the transaction and simplify the payment method for shareholders, as the previous offer included stock consideration.