WBD, Paramount
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WBD presented a chronology of events and meetings that occurred, leading to its deal to sell Warner Bros. studios and HBO Max to Netflix, following by David Ellison’s hostile takeover bid and the WBD board’s official rejection of the $30/share bid on Dec.
Paramount is standing by its current proposal to acquire Warner Bros. Discovery, warning shareholders that embracing Netflix’s offer would saddle them with a “heavily indebted, sub-scale linear business.
The hostile offer may outmuscle Netflix on price, but WBD’s decision hinges on competing futures: a clean reset under Paramount or a deeper strategic alignment with the world’s dominant streamer.
Warner Bros. Discovery's cable networks like CNN and TBS are not worth as much as the company's deal with Netflix implies, Paramount claims.
Reasons Warner Bros. Discovery listed for rebuffing David Ellison include an incendiary and unfortunately timed letter from Paramount's lawyers.
Warner Bros. Discovery's (WBD) board is urging shareholders to reject a hostile takeover bid by Paramount Skydance (PSKY), stating that it has unanimously determined the offer to be inferior to one it has already agreed to with Netflix (NFLX).