Overview
- Paramount Skydance pushed its $30‑per‑share all‑cash hostile offer to Feb. 20 and filed preliminary proxy materials to solicit votes against the Netflix transaction.
- Only about 168.5 million WBD shares have been tendered out of roughly 2.48 billion outstanding, as WBD says more than 93% of shareholders have rejected Paramount’s bid.
- Paramount’s $108.4 billion enterprise‑value proposal is backed by Larry Ellison’s personal guarantee toward $40.4 billion of equity and committed debt financing.
- Netflix’s competing bid is now all cash at $27.75 per share for WBD’s studios and streaming assets, unanimously approved by WBD’s board and contingent on a Discovery Global spinoff.
- Both deals face active antitrust reviews, with DOJ second requests issued, and a shareholder vote on the Netflix merger is expected by April as disputes focus on Discovery Global’s valuation and debt load.