Warner rejects latest Paramount bid as inadequate

Warner Bros. Discovery Inc. determined that an amended takeover offer from Paramount Skydance Corp. (PSKY) is inferior to the deal it already has in place with Netflix Inc. and urged its shareholders not to tender their shares to the interloper.

- Bloomberg

It will cost $4.7 bn for Warner Bros. to end its Netflix deal.

(AFP)

The media company's board of directors said in a letter to shareholders Wednesday that Paramount's offer provides insufficient value and that it has doubts that Paramount will be able to close the deal. Paramount had put forth a revised offer 22 December that reiterated a plan to buy shares at $30 apiece but included a higher breakup fee and an assurance from billionaire Larry Ellison that he would personally guarantee $40.4 billion in equity financing backing the deal.