Overview
- Paramount offered $30 per share in cash to acquire the entire company, including HBO Max and cable networks such as CNN, valuing WBD at about $108.4 billion.
- The bid challenges a board-approved Netflix agreement of roughly $83 billion to buy WBD’s studios and streaming assets, which excluded the cable networks.
- Paramount says the offer is backed by the Ellison family and RedBird Capital, with about $54 billion in debt commitments from Bank of America, Citi and Apollo.
- News reports indicate the investor group previously included Tencent and now features sovereign funds and Affinity Partners, with sovereign investors agreeing to waive governance rights.
- Deal dynamics hinge on antitrust review and contract terms, with reported breakup fees of $5.8 billion if Netflix withdraws and $2.8 billion if WBD accepts a higher bid.