Overview
- Reports say the board plans to turn down Paramount Skydance’s amended offer and will meet next week before making a final decision.
- Paramount’s revised proposal is valued around $108.4 billion, keeps the $30-per-share cash term, and adds a roughly $40.4 billion personal guarantee from Larry Ellison.
- Warner views Netflix’s lower nominal offer of about $82.7 billion as superior due to clearer financing and lower execution risk.
- Directors are concerned a Paramount deal would increase leverage and add governance constraints on debt decisions, with no explicit commitment to cover Warner’s roughly $2.8 billion break fee owed to Netflix if terminated.
- Paramount argues its deal would face fewer regulatory hurdles and create a studio larger than Disney, while Netflix’s agreement targets only Warner’s studio and streaming businesses.