Overview
- Warner Bros. Discovery’s board urged shareholders to reject Paramount Skydance’s $108.4 billion hostile bid, saying claims of a fully guaranteed $30-per-share cash offer were misleading.
- Directors cited reliance on an “unknown and opaque” trust and money tied to Gulf sovereign funds, contrasting that with what they called Netflix’s binding, fully financed package.
- Netflix’s proposal targets Warner’s studios, library and HBO Max and has been reported between roughly $72 billion and nearly $83 billion, while Paramount seeks the entire company including CNN.
- Jared Kushner’s Affinity Partners withdrew its planned participation—reported at about $200 million—from Paramount’s financing, heightening scrutiny of the investor mix.
- Shares moved after the guidance, with Warner Bros. Discovery slipping about 1.2% after hours and Netflix edging up roughly 0.8%, as shareholders weigh votes and potential regulatory review and fees.