WBD's board unanimously rejects Paramount's amended $108.4B acquisition offer, saying the bid still has “significant” risks compared to Netflix's $83B offer
The board says the revised $108.4 billion bid continues to offer “significant costs, risks and uncertainties” compared to its $83 billion deal with Netflix
The Wrap Lucas Manfredi
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Discussion
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@sarafischer
Sara Fischer
on x
#BREAKING: @wbd board again rejects Paramount's hostile bid — The board cited an “extraordinary amount of debt financing” — and the uncertainty around it — as well as other offer terms that made it concerned about Paramount's ability to close the deal More on @axios
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@brianstelter
Brian Stelter
on x
The letter points out that Paramount is much smaller than WBD and likens the hostile takeover bid to a leveraged buyout: “It intends to incur an extraordinary amount of incremental debt — more than $50 billion — through arrangements with multiple financing partners...”
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@brianstelter
Brian Stelter
on x
This just in: Warner Bros. Discovery has once again chosen Netflix as its preferred suitor over Paramount. In a letter to shareholders this morning, the WBD board said Paramount's hostile takeover offer is “inadequate” and overly risky. Full story: https://www.cnn.com/...
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@brianstelter
Brian Stelter
on x
Netflix also issued a statement this morning reaffirming its deal with WBD. Noteworthy paragraph: “Netflix has submitted its Hart-Scott-Rodino (HSR) filing and is engaging with competition authorities, including the U.S. Department of Justice and European Commission.” [image]
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@sarafischer
Sara Fischer
on x
1/ The new WBD response basically ignores Larry Ellison's latest equity backstop assurance and focuses on the extraordinary amount of debt financing for Paramount's bid, as well as costs incurred from walking from Netflix.
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@tprstly.com
Theo Priestley
on bluesky
This is going to make Ellison more resolute to buy another, just as large media empire as an alternative. [embedded post]