(Evan Agostini/Invision/AP photo)
Paramount Skydance has announced a hostile takeover bid to acquire all of Warner Bros. Discovery, days after Netflix was crowned the highest bidder for the legendary studio.
Calling the Netflix deal “inferior,” Paramount Skydance CEO David Ellison insists its bid is much more appealing to Warner Bros. Discovery shareholders.
“WBD shareholders deserve an opportunity to consider our superior all-cash offer for their shares in the entire company,” Ellison said in a statement. “Our public offer, which is on the same terms we provided to the Warner Bros. Discovery Board of Directors in private, provides superior value, and a more certain and quicker path to completion.”
He added: “We believe the WBD Board of Directors is pursuing an inferior proposal which exposes shareholders to a mix of cash and stock, an uncertain future trading value of the Global Networks linear cable business and a challenging regulatory approval process. We are taking our offer directly to shareholders to give them the opportunity to act in their own best interests and maximize the value of their shares.”
On Friday, Netflix announced it had inked a nearly $83 billion deal to acquire Warner Bros., along with its massive catalogue of streaming content.
HBO and HBO Max were included in the deal.
It was also reported Monday that Netflix boss Ted Sarandos quietly met with President Donald Trump in mid-November at the White House ahead of the deal.
The agreement would go into effect after the split of Warner Bros. and Discovery.
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