The Warner Bros Discovery board of directors on Wednesday rejected Paramount Skydance's $108.4 billion offer, arguing that the deal did not provide sufficient financing guarantees, UNN reports, citing Reuters.
Details
In a letter to shareholders, published in regulatory filings, the board of directors wrote that Paramount had "consistently misled" Warner Bros shareholders by claiming that its offer to buy shares at $30 apiece was fully guaranteed or "backed" by the Ellison family.
The board of directors stated that it considered Paramount's offer "worse" than the merger agreement with Netflix.
Additionally
UNN reported that the Warner Bros. Discovery board of directors would likely reject Paramount Skydance's $108.4 billion offer. In fact, such a decision would mean supporting Netflix's bid in the fight for Warner Bros. assets, which include a film and television studio with a large library of films and series, as well as the HBO Max streaming service.
Recall
Netflix announced a deal with Warner Bros. Discovery to acquire the television and film studio, including HBO Max, for $72 billion.