"Netflix's accepted bid valued the company at $27.75 a share, though the entertainment company did not agree to acquire WBD's traditional television assets, including the news network CNN. Paramount's all-cash tender offer sent directly to shareholders on Monday morning is for $30 a share and would be for the entire company, offering a total enterprise value of $108.4bn, a major premium to the company's stock price."
"David Ellison and his father, Larry, whose family is financially backing the deal, are both friendly with the Trump administration. Larry Ellison had already had early conversations with a senior Trump aide about what changes he might want to see at CNN. In a statement, David Ellison called the Netflix deal an inferior proposal which exposes shareholders to a mix of cash and stock, an uncertain future trading value of the Global Networks linear cable business and a challenging regulatory approval process."
Paramount Skydance launched a hostile all-cash tender offer at $30 per share for Warner Bros Discovery, valuing the company at $108.4 billion. Netflix held an accepted bid of $27.75 per share that excluded WBD's traditional television assets, including CNN. Paramount's offer covers the entire company and presents a significant premium to the market price. Paramount argues its proposal delivers superior value, a more certain regulatory path and a quicker completion. David and Larry Ellison are financially backing the bid and have ties to the Trump administration; Larry discussed potential changes at CNN with a senior aide. Paramount had previously submitted rejected offers and raised concerns about the competitiveness of the process.
Read at www.theguardian.com
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