"WBD shareholders deserve an opportunity to consider our superior all-cash offer for their shares in the entire company. Our public offer, which is on the same terms we provided to the Warner Bros. Discovery Board of Directors in private, provides superior value, and a more certain and quicker path to completion. We believe the WBD Board of Directors is pursuing an inferior proposal which exposes shareholders to a mix of cash and stock,"
"The Paramount offer for the entirety of WBD provides shareholders $18 billion more in cash than the Netflix consideration. WBD's Board of Directors recommendation of the Netflix transaction over Paramount's offer is based on an illusory prospective valuation of Global Networks that is unsupported by the business fundamentals and encumbered by high levels of financial leverage assigned to the entity."
Paramount, a Skydance Corporation, commenced an all-cash tender offer to acquire all outstanding shares of Warner Bros. Discovery for $30.00 per share, covering the entire company including the Global Networks segment. The offer delivers $18 billion more in cash to WBD shareholders than the competing Netflix proposal. Paramount characterizes the Netflix proposal as a mix of cash and equity that creates uncertain value and risks a prolonged, multi-jurisdictional regulatory review. The WBD Board's recommendation of the Netflix transaction is portrayed as relying on an unsupported valuation of Global Networks and high financial leverage assumptions. Paramount is taking its offer directly to shareholders to maximize value and expedite completion.
Read at The Verge
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