US EditionParamount questions Warner Bros. Discovery on ‘fairness and adequacy’ of sale process
Paramount alleges Warner Bros. Discovery favored Netflix with board bias and management conflicts, citing a $5 billion breakup fee and regulatory hurdles in a competitive sale process.
- On Dec. 3, Paramount Skydance's legal team wrote to Warner Bros. Discovery CEO David Zaslav questioning the fairness and adequacy of the sale process, noting second-round bids were submitted Dec. 1 by Paramount, Netflix and Comcast.
- Paramount's letter argues that media coverage shows WBD management appears to favor Netflix, citing reports of a Brussels meeting with Gerhard Zeiler and E.U. Commission Vice President Hena Virkkunen raising concerns about the Ellison family's planned acquisition.
- Paramount's lawyers detail that Paramount alleges management conflicts and personal interests taint the process, agreed to standstill arrangements, and says Warner Bros. Discovery rebuffed three offers, including $23.50 a share.
- WBD lawyers replied that they have shared the letter with the WBD board of directors and affirmed that the board attends to its fiduciary obligations.
- Paramount is bidding for the whole company while rivals target parts of WBD, warning that even the appearance of bias could imperil stockholder value.
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MAINTENANCE. For Angelique Delorme, author of an essay on the future of cinema, the outcome of the match between Netflix and Paramount-Skydance, helped by Donald Trump, will define the future entertainment.
Paramount CEO David Ellison Quietly Urges Warner Bros To Ditch Netflix As Bidding War Heats Up: Report
Paramount Skydance (NASDAQ:PSKY) CEO David Ellison reportedly met with major Warner Bros. Discovery (NASDAQ:WBD) shareholders in New York on Tuesday, pitching the studio’s $108 billion all-cash hostile bid as a superior option to rival Netflix’s (NASDAQ:NFLX) $82.7 billion cash-and-stock…
Netflix already informed its customers about the planned Warner Bros. purchase. Now Paramount is mixing with a billion bid in the race.
Paramount's hostile bid for Warner Bros is among 'most audacious in history'
PRESS REVIEW – Tuesday, December 9: The bidding war has begun after Paramount launched a $108 billion hostile takeover bid for Warner Bros. Discovery, days after shareholders accepted a Netflix deal. Who will prevail? Also: we learn about the growing Japanese community in India. Plus: YouTube launches the first ever AI reality TV series: a "Hunger Games"-style fight to the death.
The letter - which was received in the US on December 5 - arrived to Italian users on Monday 8, after the news of Ellison's counter move. Netflix Sarandos and Peters co-ceos: "We are confident to close with Warner Bros"
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