"Warner Bros Discovery, home to major franchises such as Game of Thrones, Harry Potter and DC Comics' superheroes Batman and Superman, has rejected Paramount Skydance's latest offer to buy the company amid a looming deal with the streaming giant Netflix. On Tuesday, Warner Bros rejected Paramount's $30 per share bid, but has remained open to additional offers, giving the parent company of CBS News seven days to come up with its best and final offer."
"Our Board has not determined that your proposal is reasonably likely to result in a transaction that is superior to the Netflix merger, Warner Bros chairman Samuel DiPiazza Jr and CEO David Zaslav said in a letter sent to the Paramount board on Tuesday. Paramount is expected to offer a possible higher price of $31 per share, according to the letter. Netflix would then be allowed to match the terms of the deal. We continue to recommend and remain fully committed to our transaction with Netflix, DiPiazza Jr said."
"Netflix issued a statement saying the deal has reached a milestone, with Warner Bros shareholders set to vote next month on the merger. While we are confident that our transaction provides superior value and certainty, we recognise the ongoing distraction for WBD stockholders and the broader entertainment industry caused by PSKY's antics, Netflix said, referring to Paramount Skydance. Paramount has said the Warner Bros board never meaningfully engaged with them on six different offers that executives made in the 12 weeks before Warner Bros announced the merger agreement with Netflix on December 5. Time is running out for Paramount with this saga wrangling on, for way too long, which is in no one's interest, PP Foresight analyst Paolo Pescatore told the Reuters news agency."
Warner Bros Discovery rejected Paramount Skydance's $30-per-share offer but left the door open to higher bids while affirming commitment to a planned merger with Netflix. The board granted Paramount seven days to submit a best-and-final offer and stated it had not determined that Paramount's proposal was likely to produce a superior transaction to the Netflix agreement. Paramount is reported to consider a $31-per-share offer, which would allow Netflix to match the terms. Warner Bros shareholders will vote on the Netflix bid on March 20. Netflix described the deal as a milestone and criticised Paramount Skydance's actions; Paramount disputes the level of engagement from Warner Bros.
Read at www.aljazeera.com
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