Warner Bros. Discovery likely to reject Paramount – Business News
Warner Bros. Discovery’s board may announce a determination as early as Wednesday on Paramount Skydance’s $108.4 billion takeover bid, with the board likely to advise shareholders to vote in opposition to the offer, in accordance to sources accustomed to the matter.
The determination to recommit to Netflix’s buyout offer would mark the most recent twist within the race for belongings that embrace Warner Bros.’ storied movie and TV studio, and its intensive movie and tv library, whose portfolio contains classics starting from “Casablanca” and “Citizen Kane” to up to date favorites like “Harry Potter” and “Friends,” HBO and the HBO Max streaming service.
A Warner Bros. Discovery spokesman declined to remark.
Warner Bros. Discovery, headed by CEO David Zaslav, is likely to advise shareholders to vote in opposition to Paramount Skydance’s offer, in accordance to sources. AFP by way of Getty Images
The winner will gain a huge benefit within the streaming wars by locking up a deep content material library that has long been an acquisition goal.
Netflix earlier this month emerged victorious with a $27 cash-and-stock bid for Warner Bros.’ non-cable belongings.
Paramount CEO David Ellison then went immediately to Warner Bros. shareholders with a $30-a-share, all-cash bid for the entire company.
Paramount CEO David Ellison went immediately to Warner Bros. shareholders with a $30-a-share, all-cash bid for the entire company. AFP by way of Getty Images
In regulatory filings, Paramount has mentioned its bid is superior to Netflix’s offer and would get pleasure from a clearer path to regulatory approval. Its offer is financed by $41 billion in new equity, which is backed by the Ellison household and RedBird Capital, and $54 billion of debt commitments from Bank of America, Citi and Apollo.
