"The transaction we negotiated would have created shareholder value with a clear path to regulatory approval. However, we've always been disciplined, and at the price required to match Paramount Skydance's latest offer, the deal is no longer financially attractive, so we are declining to match the Paramount Skydance bid."
"Once our board votes to adopt the Paramount merger agreement, it will create tremendous value for our shareholders. We are excited about the potential of a combined Paramount Skydance and Warner Bros Discovery and can't wait to get started working together telling the stories that move the world."
Paramount Skydance emerged as the victor in a monthslong bidding competition to acquire Warner Bros. Discovery after Netflix withdrew from the contest. Paramount's offer of $31 per share surpassed Netflix's previous agreement of $27.75 per share. Netflix determined that matching Paramount's revised bid would no longer be financially attractive, despite the transaction's potential to create shareholder value and secure regulatory approval. Warner Bros. Discovery's board announced it would proceed with the Paramount merger agreement, with CEO David Zaslav expressing enthusiasm about combining the two media companies. This acquisition represents one of the largest media bidding wars in recent history, with Paramount seeking to purchase Warner's entire operations, unlike Netflix's more limited interest in only the studio and streaming business.
Read at www.dw.com
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