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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167 Articles
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.
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.
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