"Just last week, Netflix stunned the business and media world by announcing an $83 billion bid for most of Warner Bros. Discovery, including its film and TV studios, its gaming business, HBO Max and HBO. Left just as stunned were Paramount and CEO David Ellison, the overwhelming favorites to buy the whole Warner Bros. Discovery package, including its cable news properties such as CNN and TNT."
"WBD shareholders deserve an opportunity to consider our superior all-cash offer for their shares in the entire company. 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 which exposes shareholders to a mix of cash and stock,"
Paramount countered Netflix’s recent $83 billion bid by launching a hostile takeover offering $30 per share, valuing Warner Bros. Discovery at about $108 billion including debt. Paramount CEO David Ellison framed the offer as an all-cash proposal that delivers superior value and a faster, more certain path to closing. Paramount criticized the rival proposal for combining cash and stock and for creating uncertainty around the Global Networks linear cable business and regulatory approval. Paramount said it is taking the offer directly to shareholders to allow them to decide and potentially maximize the value of their shares.
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