"So the right way to view WBD's announcement Tuesday morning, where it said it would conduct "a review of strategic alternatives to maximize shareholder value" is primarily a formality: WBD has rejected Paramount's bid to buy the company at a reported $20 a share, and wants to see if it can find other bidders to drive up the price. Bankers and lawyers are standing by, and WBD's team would love to give potential bidders a tour of the property."
"WBD says there are. But note the wording: The company mentioned "unsolicited interest the Company has received from multiple parties for both the entire company and Warner Bros." Which, if you break it down, means: "We have at least one offer for the entire company, and at least another offer for the really valuable part of the company - our studio and streaming business.""
Warner Bros. Discovery has initiated a review of strategic alternatives to maximize shareholder value after rejecting a reported $20-per-share offer from Paramount owners Larry and David Ellison. The company says it has received unsolicited interest from multiple parties for both the entire company and for Warner Bros., indicating at least one bid for the whole firm and another focused on studio and streaming assets. WBD previously planned to split into two companies, separating its attractive studio and streaming businesses from less desirable cable TV networks. The split would aim to unlock greater total value by isolating the high-growth assets.
Read at Business Insider
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