"Today, WBD's board announced that it has unanimously decided that its shareholders would be much better off rejecting Paramount Skydance and accepting Netflix's bid to buy the company's studio production and streaming arms. The news comes weeks after WBD first said that it was ready to take Netflix up on its $82.7 billion acquisition offer, and days after Paramount tried to keep the bidding war going by upping its offer to $108 billion"
"In a statement about WBD's decision to rebuff Paramount's advances yet again, board chair Samuel A. Di Piazza, Jr., described the David Ellison-owned company's latest offer as "inadequate" and warned that it would come with "significant risks and costs imposed on our shareholders." "This offer once again fails to address key concerns that we have consistently communicated to Paramount throughout our extensive engagement and review of their six previous proposals," Piazza said."
WBD's board unanimously determined shareholders would be better off rejecting Paramount Skydance and accepting Netflix's $82.7 billion bid for the studio production and streaming arms. Paramount Skydance increased its proposal to $108 billion, but the board labeled the offer inadequate and warned it would impose significant risks and costs on shareholders. The decision follows WBD's earlier readiness to accept Netflix's proposal. Paramount Skydance is owned by David Ellison, and Jared Kushner's Affinity Partners has withdrawn financial support for Paramount's bid, reinforcing the board's conclusion that the Netflix merger offers superior, more certain value.
Read at The Verge
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