"Paramount has gone hostile bid for Warner Bros. Discovery, challenging Netflix which reached a $72 billion takeover deal with the company just days ago. Paramount said Monday that it is going straight to Warner Bros. shareholders with a $30 per share cash bid for the entirety of the company including its Global Networks business, asking them to reject the deal with Netflix."
"On Friday Netflix struck a deal to buy Warner Bros. Discovery, the Hollywood giant behind "Harry Potter" and HBO Max. The cash and stock deal is valued at $27.75 per Warner share, giving it a total enterprise value of $82.7 billion, including debt. The transaction is expected to close in the next 12 to 18 months, after Warner completes its previously announced separation of its cable operations. Not included in the deal are networks such as CNN and Discovery."
Paramount launched a hostile $30-per-share cash bid for all of Warner Bros. Discovery, including its Global Networks business, and urged shareholders to reject Netflix's competing offer. Paramount said the Netflix proposal exposes shareholders to a protracted, multi-jurisdictional regulatory clearance process and a complex, volatile mix of equity and cash, and said it submitted six proposals over a 12-week period. Paramount Chairman and CEO David Ellison said the offer would boost competition, raise content spending and increase theatrical releases, benefiting creators, consumers and theaters. Netflix struck a cash-and-stock deal valuing Warner at $27.75 per share and $82.7 billion enterprise value; some networks are excluded and regulatory scrutiny and political concern remain.
Read at ABC7 Los Angeles
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