Overview
- The board unanimously turned down the improved Paramount Skydance bid, saying it falls short of the signed Netflix agreement and is not in the company’s interest.
- Paramount Skydance has a hostile offer of about $108 billion on the table, supported by a roughly $40 billion personal guarantee from Larry Ellison.
- Netflix announced in December a planned takeover of Warner Bros. Discovery valued at nearly $83 billion, covering the studios and streaming assets including HBO Max.
- Management has warned that the Paramount proposal would require very large debt financing, reported at more than $50 billion, and could disrupt ongoing operations.
- WBD continues to urge shareholders to approve the Netflix deal as U.S. and European regulators review the transaction, with the fight taking a political turn as President Trump questions Netflix’s plan and presses for a CNN sale.