""inadequate, with significant risks and costs imposed on our shareholders,""
""The Warner Bros. Discovery Board reinforced that Netflix's merger agreement is superior and that our acquisition is in the best interest of stockholders,""
""the best outcome for consumers, creators, stockholders, and the broader entertainment industry.""
""offer audiences and creators around the world even more choice, value and opportunity""
Warner Bros. Discovery's board recommended that shareholders accept Netflix's agreement to buy assets, including the studio, HBO, and HBO Max, for $27.75 per share while separating cable networks such as CNN. Paramount Skydance made a hostile $30-per-share offer for the entire company, which the board deemed inadequate because of financing concerns and potential risks to shareholders. Shareholders may choose Paramount's offer instead, with a selection deadline of January 8 that could move. Warner Bros. Discovery would owe Netflix a $2.8 billion break-up fee if the Netflix deal collapses. Netflix pledged theatrical windows for Warner Bros. movies and framed the merger as beneficial for consumers, creators, and stockholders.
Read at Business Insider
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