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Paramount Skydance launches bid to snatch Warner Bros from Netflix

Paramount Skydance launches bid to snatch Warner Bros from Netflix
Paramount Skydance launches bid to snatch Warner Bros from Netflix
9 Dec - Just as Netflix announced its acquisition of Warner Bros' studios and streaming assets, Paramount Skydance is going for it yet again, this time with a hostile bid for all of Warner Bros.

The David Ellison-run company, in a last-ditch effort to outbid the streamer, is offering an all-cash of USD 30 per share offer to Netflix's USD 27.75 per share.

"We're really here to finish what we started. We put the company in play," said Ellison.

"Our public offer, which is on the same terms we provided to the Warner Bros. Discovery Board of Directors in private, provides superior value, and a more certain and quicker path to completion. We believe the WBD Board of Directors is pursuing an inferior proposal."
Paramount Skydance counters Netflix's deal for Warner Bros
Paramount Skydance counters Netflix's deal for Warner Bros
It is noted that Paramount Skydance has started bidding for Warner Bros Discovery back in September by submitting three bids. This was before Warner Bros Discovery decided to launch a formal sale process that brought in other interested parties including Netflix.

It was back on 5 November that Netflix announced a deal to acquire their studio and streaming assets for a combination of cash and stock, valued at USD 72 billion.

In a statement released to the media, Warner Bros Discovery said it will review the offer and make a recommendation to shareholders "within 10 business days".
Netflix previously announced its plan of acquisition of WBD
Netflix previously announced its plan of acquisition of WBD




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