Warner Bros Discovery urges shareholders to reject Paramount’s $108.4bn takeover bid
After WBD accused Paramount of misleading investors, the network assured it had ‘all necessary financing’ for the deal
TL;DR
- Warner Bros. Discovery (WBD) urges shareholders to reject Paramount Skydance's $108.4 billion hostile takeover offer.
- WBD favors its previously announced $82.7 billion merger with Netflix.
- WBD's board considers Paramount's offer 'inadequate' and carrying 'significant risks'.
- Paramount claims its offer provides 'superior value and a faster, more certain path' than the Netflix deal.
- Concerns have been raised about the financing of Paramount's bid, involving entities such as Saudi Arabia's Public Investment Fund and Qatar Investment Authority.
- Jared Kushner's Affinity Partners has reportedly stepped back from backing Paramount's proposal.
- Donald Trump has expressed views on the potential sale of CNN, a part of WBD, and has distanced himself from the Ellisons.
- WBD's shares fell 1%, Paramount's declined 4%, and Netflix's rose 1.4% in early trading.