"Paramount Skydance has extended the deadline for its hostile tender offer for Warner Bros Discovery by a month, buying time to persuade investors that its bid is superior to one from Netflix. The Ellison-owned media company on Thursday moved the deadline to February 20 to consider its $77.9bn offer to buy Warner shares for $30 apiece in cash. The bid has a total enterprise value of more than $108bn, including debt."
"In December, Netflix agreed to buy Warner's studio and streaming business for $72bn. This week, it switched its offer from a cash and stock combination to an all-cash deal that the companies say is more straightforward and will speed the path to a shareholder vote by April. Including debt, the enterprise value of that deal is about $83bn, or $27.75 per share."
Paramount Skydance extended the deadline to February 20 for its hostile tender offer to buy Warner Bros Discovery for $77.9bn, offering $30 per share in cash and valuing the deal at more than $108bn including debt. The extension is the second since Paramount challenged Warner's merger agreement with Netflix. Warner's board rejected an amended Paramount bid that included $40bn in equity personally guaranteed by Larry Ellison. Paramount reported about 168.5 million shares tendered, well below the roughly 50% needed to control the company out of 2.48 billion Series A shares. Netflix's competing all-cash deal values Warner's studio and streaming at about $83bn, or $27.75 per share.
Read at www.aljazeera.com
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