US EditionParamount questions Warner Bros. Discovery on ‘fairness and adequacy’ of sale process
Paramount Skydance launched a $108 billion all-cash hostile tender offer for all Warner Bros. Discovery shares, claiming its bid offers $17.6 billion more cash than Netflix's, aiming to protect shareholder value.
- 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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Netflix already informed its customers about the planned Warner Bros. purchase. Now Paramount is mixing with a billion bid in the race.
Omaha World-Herald
NBC NewsParamount makes hostile takeover bid for Warner Bros. Discovery
NEW YORK — Paramount launched a hostile takeover bid Monday for Warner Bros. Discovery, initiating a potentially bruising battle with Netflix for the company behind HBO, CNN and DC Studios, and the right to reshape much of the nation's entertainment…
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"
der Standard AT
der Standard DEBillion-dollar takeover contest between Netflix and Paramount determines the future of Warner Bros. Discovery
Paramount was one of the people involved in the purchase of Warner Bros. Discovery and, after losing for Netflix, in an agreement that filled the wallets at the end of last week, the middle company and...
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