Overview
- Netflix declined to match Paramount Skydance’s revised $31-per-share proposal for WBD, formally withdrawing from the months-long contest.
- Warner Bros. Discovery’s board labeled the Paramount Skydance bid superior, valuing the company near $110 billion including debt.
- Paramount Skydance’s offer relies on an unusual financing package backed by Larry Ellison and includes higher breakup protections.
- The revised terms raise certain termination protections to about $7 billion and shift the $2.8 billion payment owed to Netflix onto Paramount Skydance.
- Regulatory and political scrutiny is building in the U.S. and Europe, with figures such as Senator Elizabeth Warren criticizing the deal and California’s attorney general announcing a probe, while Netflix shares climbed roughly 10% after hours on the news.