"Paramount Skydance sent a strongly worded letter yesterday to WBD CEO David Zaslav claiming "that WBD appears to have abandoned the semblance and reality of a fair transaction process." The letter alleged that the process had been "tainted" by conflicts of interest within WBD management that favor Netflix's bid, as well as a reported meeting between WBD and the European Commission where "concerns were raised" that a Paramount takeover of the company could lead to "excessive media concentration.""
"Ellison's company has been WBD's most aggressive prospective suitor, and Paramount's latest bid to control the company was also its fourth. Part of Ellison's pitch to buy the company remains the understanding that he and his dad, Larry, are chummy with President Trump, which could help sand down the federal regulatory hurdles to securing the deal. But European regulators (and state attorneys general) will have something to say about it before a deal is done, too."
Paramount Skydance accused Warner Bros. Discovery management of abandoning a fair transaction process, alleging conflicts of interest that favor Netflix's bid and citing a reported WBD meeting with the European Commission that raised concerns about excessive media concentration from a Paramount takeover. Paramount described alleged back-channeling and used the phrase "active sabotage." WBD replied that its board fully and robustly complies with fiduciary obligations. Larry Ellison's Paramount bid is the fourth and most aggressive, emphasizing political connections to ease federal hurdles. European regulators and state attorneys general remain potential obstacles. Paramount seeks full control while competitors pursue partial assets.
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