Paramount Skydance defends $78B takeover bid for – Business News
Paramount Skydance on Thursday staunchly defended its revised $78 billion bid to take over Warner Bros. Discovery after the company again rejected its offer in favor of Netflix.
The bidder argued that Comcast’s flopped spinoff of its NBCUniversal cable property this week into a new company known as Versant – which incorporates CNBC and MS NOW, previously MSNBC – ought to act as a cautionary story, since Netflix’s deal hinges on spinning off WBD’s cable property together with CNN.
Paramount Skydance on Thursday staunchly defended its revised $77.9 billion bid to take over Warner Bros. Discovery. Getty Images
If Discovery Global – Netflix’s proposed spin-off of WBD cable property – trades in-tandem with Versant’s debut, it will likely be price zero {dollars} a share, Paramount argued.
Paramount, in the meantime, claimed it “cured every issue” that WBD raised with its initial offer in December, even including a personal guarantee of $40.4 billion of equity financing from billionaire Larry Ellison, father of Paramount Skydance CEO David Ellison.
“Our offer clearly provides WBD investors greater value and a more certain, expedited path to completion,” David Ellison stated in a assertion on Thursday.
Paramount added a personal guarantee of $40.4 billion of equity financing from billionaire Larry Ellison (above). Getty Images
“Our offer clearly provides WBD investors greater value and a more certain, expedited path to completion,” David Ellison stated in a assertion. REUTERS
“Throughout this process, we have worked hard for WBD shareholders and remain committed to engaging with them on the merits of our superior bid and advancing our ongoing regulatory review process.”
Warner Bros. Discovery and Netflix didn’t instantly reply to The Post’s requests for remark.
