"Bankers for Paramount Skydance Corp., Comcast Corp. and Netflix worked over the long Thanksgiving weekend on improved offers for all or part of Warner Bros., said the people, who asked not to be identified discussing nonpublic information. Paramount's all-cash offer, while largely backed by the family of Oracle Corp. co-founder Larry Ellison, includes debt financing from Apollo Global Management Inc. Middle East funds are also contributing, the people said."
"The offers are binding, which means the board is in a position to sign off on a deal quickly if its goals are met, one of the people said. The company hasn't described the latest offers as final, however, and another bid would be considered if the terms are attractive. Netflix, the streaming industry leader, is working on a bridge loan that totals tens of billions of dollars, one of the people said."
Warner Bros. Discovery received a second round of binding takeover bids from Paramount Skydance, Comcast and Netflix. Paramount's all-cash offer is largely backed by the Ellison family and includes debt financing from Apollo Global Management with contributions from Middle East funds. Netflix submitted a mostly cash bid and is arranging a bridge loan worth tens of billions. The company is said to seek $30 per share, while the stock traded near $24.30, valuing the company around $60 billion. Comcast and Netflix target the studios and HBO Max only; Paramount sought all assets including cable networks. The board could accept a bid quickly.
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