Paramount Skydance CEO David Ellison has made WBD CEO David Zaslav a lot richer with nothing to show for it as WBD agrees to sell its studio and streaming business to Netflix. Paramount is now considering taking an offer straight to shareholders to acquire the asset, believing its deal has a better chance of gaining U.S. regulatory approval, sources told CNBC.
Paramount Skydance had offered $30 per share for Warner Bros Discovery , CNBC reported on Friday, citing sources.
Paramount is plenty peeved about the way Warner Bros Discovery is conducting a possible sale and it wants everyone to know it won't go quietly if either Netflix or Comcast are the winning bidder.
Paramount Skydance had been considered the front-runner in the bidding war for Warner Bros. Discovery, but signaled on Thursday that it felt it is losing to Netflix in a process it deemed unfair.
Netflix has made a mostly cash offer to purchase the Warner Bros. studio and HBO Max, while Paramount has submitted an all-cash bid for the entire company, The Post previously reported.
Paramount Skydance is questioning the fairness of Warner Bros. Discovery's sale process and whether it's acting in the best interest of shareholders, according to a letter reviewed by CNBC.
Paramount Skydance, Comcast and Netflix are bidding for all or part of Warner Bros. Discovery.
Paramount Skydance has raised the proposed breakup fee in its bid to acquire Warner Bros Discovery to $5 billion, Bloomberg News reported on Wednesday, citing people familiar with the offer.
A semiconductor maker increased its quarterly forecast, with strong bookings suggesting a recovery in several key end markets, and its shares led the S&P 500 higher. Meanwhile, two major media players came under pressure as a rival evaluated their competing buyout offers.
Paramount owners Larry and David Ellison want to buy Warner Bros. Discovery.
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A source close to WBD said the media giant believes this is now a “horse race” between Paramount Skydance and Netflix whose outcome is a “toss up,” giving it “50 50” odds.