Overview
- Warner Bros. Discovery’s board unanimously urged shareholders to reject Paramount Skydance’s $108.4 billion, $30‑per‑share hostile tender and maintained support for its signed merger with Netflix.
- Board filings say the Paramount plan would leave the company with roughly $87 billion of pro forma debt, which it described as the largest leveraged buyout in history and a major execution risk.
- The Netflix agreement values targeted assets at about $82.7 billion ($27.75 per share with $23.25 in cash plus stock), and Netflix has begun antitrust filings, highlighting its stronger financing profile.
- Paramount’s offer covers all of WBD, is backed by a $40.4 billion personal guarantee from Larry Ellison and substantial additional borrowing, and matches Netflix’s $5.8 billion reverse termination fee.
- WBD estimates about $4.7 billion in costs to walk away from Netflix (including a $2.8 billion breakup fee), warns operating restrictions under the Paramount plan could harm the business, and notes the tender remains open as both paths head into intensive regulatory and political scrutiny.