"It was rumored earlier this year, while Zaslav was making it clear how much he wanted to sell Warner Discovery, that he was looking for $30 per share-a massive over-valuation of the company, but one he was looking to justify by splitting the company, severing off the "Discovery" parts and its loss-making cable networks, and loading that doomed company with all of Warner's debts."
"Now Paramount is going hard in its efforts to prevent this, increasing its previous offer by an enormous 50 percent, and again for the whole company and all its debt. The BBC reports that the company, backed by the billionaire Ellison family, called this bid a "superior alternative," and clearly one designed to make shareholders revolt if Warner sticks with Netflix's lower offer."
Paramount Skydance submitted a hostile $30-per-share offer to acquire Warner Bros. Discovery, valuing the company at over $108 billion and surpassing Netflix's $27.5-per-share agreement. David Zaslav had reportedly sought $30 per share while planning to split off Discovery, assign loss-making cable networks to the spun-off unit, and load that unit with Warner's debt. Paramount previously offered $20 per share for the whole company, then increased its bid by 50 percent and again offered to assume all debt. The bid is backed by the Ellison family and could prompt shareholder revolt and regulatory scrutiny amid major streaming consolidation.
Read at Kotaku
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