Paramount Skydance has initiated a hostile takeover bid after Netflix won the bidding war for the acquisition of Warner Bros Discovery.
Paramount has commenced an all-cash tender offer to acquire all of the outstanding shares of Warner Bros. Discovery for $30.00 per share in cash. Paramount’s proposed transaction is for the entirety of WBD, including the Global Networks segment.
The Paramount offer provides shareholders $18 billion more in cash than the Netflix consideration.
David Ellison, chairman and CEO of Paramount, said: “WBD shareholders deserve an opportunity to consider our superior all-cash offer for their shares in the entire company. Our public offer, which is on the same terms we provided to the Warner Bros. Discovery Board of Directors in private, provides superior value, and a more certain and quicker path to completion. We believe the WBD Board of Directors is pursuing an inferior proposal which exposes shareholders to a mix of cash and stock, an uncertain future trading value of the Global Networks linear cable business and a challenging regulatory approval process. We are taking our offer directly to shareholders to give them the opportunity to act in their own best interests and maximize the value of their shares.”
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