Warner Bros Discovery urges shareholders to reject Paramount takeover bid
Warner Bros Discovery make feelings clear on proposed takeover bids
- Warner Bros Discovery (WBD) has rejected a hostile takeover bid from rival Paramount Skydance, stating it favours a deal with streaming giant Netflix.
- The WBD board deemed Paramount's offer “inadequate” and a “significant risk” to shareholders, citing its failure to address key concerns.
- Paramount's bid valued WBD at $108.4 billion including debts, surpassing Netflix′s $72 billion offer for WBD's film and TV studios.
- Affinity Partners, the private equity firm owned by Jared Kushner, withdrew its financial backing from Paramount's bid.
- This withdrawal is seen as removing a potential advantage for Paramount in securing regulatory approval, following Mr. Trump's previous concerns about the Netflix deal's market share.