"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. But this transaction was always a 'nice to have' at the right price, not a 'must have' at any price."
"We are pleased WBD's Board has unanimously affirmed the superior value of our offer, which delivers to WBD shareholders superior value, certainty and speed to closing."
"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 submitted a lucrative acquisition offer for Warner Bros. Discovery at $31 per share in cash, including payment of WBD's $2.8 billion termination fee to Netflix and elimination of a potential $1.5 billion financing cost. Netflix declined to match this offer, stating the deal was no longer financially attractive at the required price. Netflix's previous bid in late January was $27.75 per share in all-cash. WBD's Board unanimously affirmed Paramount Skydance's offer as superior, with leadership expressing enthusiasm about the combined entity's potential to create shareholder value and produce compelling content.
#media-acquisition #paramount-skydance #warner-bros-discovery #netflix-bidding-war #corporate-merger
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