Warner Bros Discovery's board has unanimously turned down Paramount Skydance's latest attempt to acquire the studio, saying its revised $108.4 billion hostile bid amounted to a risky leveraged buyout that investors should reject.
Paramount Skydance has guaranteed the backing of billionaire Larry Ellison in its hostile offer for Warner Bros. Discovery, but has fallen short of upping the amount.
Inside the Paramount Skydance camp, there's a running joke about what new “excuse” Warner Bros. Discovery will come up with next to reject PSKY's latest “sweetened” takeover offer for the media conglomerate.
Warner Bros Discovery Inc (NASDAQ:WBD, XETRA:J5A) is reportedly set to reject Paramount Skydance's (NASDAQ:PSKY) amended $108.4 billion hostile bid, according to CNBC. The decision would effectively set aside Paramount's efforts to strengthen its financing through a $40.4 billion personal guarantee from Oracle co-founder Larry Ellison.
Warner Bros Discovery is expected to reject Paramount Skydance's amended $108.4 billion hostile bid, CNBC reported on Tuesday.
After CBS News' decision to delay a "60 Minutes" segment about migrants deported to an El Salvador prison, some critics have alleged the move was to curry favor with the Trump administration.
David Joyce, Seaport Research Partners senior media equity analyst, joins 'Squawk Box' to discuss Paramount's amended offer to buy Warner Bros. Discovery, impact on Netflix's deal for WBD, and more.
Paramount Skydance's latest offer to buy Warner Bros Discovery still is not good enough for prominent shareholder Harris Oakmark, the investor told Reuters on Friday.
Former Justice Department antitrust chief Makan Delrahim is at the center of Paramount's bid to wrestle Warner Bros. from Netflix.
Paramount wants Warner Bros. Warner Bros.
Larry Ellison now provides a “personal guarantee” of $40 billion of the financing for Paramount's $108 billion offer to buy Warner Bros. Discovery.
Paramount Skydance on Monday doubled down on its hostile bid for Warner Bros. Discovery, amending its $30-per-share all-cash offer to include a massive personal guarantee from Oracle billionaire Larry Ellison.