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Warner Bros Discovery says no to Paramount Skydance. Again.

Paramount Skydance won't accept a No
Paramount Skydance won't accept a No
8 Jan - Warner Bros Discovery (WBD) is sticking to its first pick, Netflix, as it turns down the 8th offer from Paramount Skydance (PSKY).

On 7 January, WBD revealed that it has said no to PSKY's USD 30 per share all-cash bid to take over the company, saying that the offer is not more favourable than the Netflix merger.

One of the reasons, it stated, was due to "its insufficient value, taking into account price and numerous risks, costs and uncertainties."

They also believed that PSKY's proposal is much riskier and that nonbinding, and that the company can reduce the price, impose new conditions or walk away entirely at any time.
Paramount Skydance's David Ellison has been rebuffed again
Paramount Skydance's David Ellison has been rebuffed again
"PSKY is a company with a USD 14 billion market capitalisation attempting an acquisition requiring USD 94.65 billion of debt and equity financing, nearly seven times its total market capitalisation," the WBD letter says. "To effect the transaction, it intends to incur an extraordinary amount of incremental debt - more than USD 50 billion - through arrangements with multiple financing partners."

This, it said, is different than Netflix's market capitalisation of approximately USD 400 billion, an investment grade balance sheet, an A/A3 credit rating and estimated free cash flow of more than USD 12 billion for 2026.
In Netflix WBD trust
In Netflix WBD trust




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