WBD this week rejected PSKY's current "hostile" offer for the company worth $30 a share, or $78 billion.
Paramount insists its $30 per share cash offer for Warner Bros. Discovery beats Netflix's $27.75 deal, despite board rejection of the hostile takeover bid.
Paramount Skydance Corp (NASDAQ:PSKY) has reiterated its $30 per share all-cash offer to acquire Warner Bros Discovery Inc (NASDAQ:WBD, XETRA:J5A), a day after the WBD board rejected the proposal as inferior to Netflix Inc (NASDAQ:NFLX, XETRA:NFC)'s competing bid. In a statement, Paramount said it noted WBD's decision not to engage but maintained that its offer is “superior to WBD's existing agreement with Netflix and represents the best path forward for WBD shareholders.
Paramount Skydance just said Warner Bros.
Paramount Skydance on Thursday reaffirmed its $30-per-share cash bid for Warner Bros Discovery , reiterating that its offer is superior to the HBO Max owner's deal with Netflix.
Warner Bros. again rejected Paramount's latest takeover bid and told shareholders Wednesday to stick with a rival offer from Netflix.Warner's leadership has repeatedly rebuffed Skydance-owned Paramount's overtures—and urged shareholders just weeks ago to back its the sale of its streaming and studio business to Netflix for $72 billion.
Warner Bros Discovery Inc (NASDAQ:WBD, XETRA:J5A) has rejected Paramount Skydance's amended bid to acquire the media conglomerate, reiterating that the offer does not represent a superior alternative to its existing agreement with Netflix. The revised Paramount proposal, valued at approximately $108.4 billion in all-cash terms, included increased financing guarantees, including a personal $40 billion backstop from Oracle co-founder Larry Ellison, as well as higher break-up and termination fees.
The bidding war for Warner Bros. Discovery (WBD) and its extensive library of hit TV shows and films like “Harry Potter,” “Game of Thrones” and the DC Comics titles, is dragging on.
Warner Bros. Discovery announced that its board unanimously rejected Paramount's tender offer, saying it's not in the best interest of shareholders and Netflix is the preferred partner.
Warner's statement noted that: “WBD continues to be of the view that PSKY is a litigious counterparty, which raises concerns regarding the likelihood that the Offer (or any related merger agreement) will be completed on the terms proposed.” Late last month, the New York Post reported that Paramount was formulating a so-called “Defcon-1” strategy to sue Warner if it choose not to accept the deal.
Warner Bros. Discovery rejected the latest takeover bid from Paramount Skydance — the latter's seventh straight overture — citing uncertainties around the debt financing tied to the offer as WBD continued to tout its merger deal with Netflix.
Warner Bros Discovery said on Wednesday its board rejected a revised bid from Paramount Skydance, calling it a risky leveraged buyout that posed significant risks, and reaffirmed its support for Netflix's proposal to buy some of its assets.