Paramount Skydance chief David Ellison, has prepped a ‘hostile takeover’ of Warner Bros. Discovery, after that company approved a cash offer from Netflix: “…WBD shareholders deserve an opportunity to consider our superior all-cash offer for their shares in the entire company, with an all-cash tender offer to acquire all outstanding shares of WBD for $30 per share”:
“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."
“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."
“The difference is that Paramount is looking to scoop up the company's TV business, including CNN, TBS, and TNT. Netflix is only after Warner Bros. Pictures and HBO.
“This all-cash offer equates to an enterprise value of $108.4 billion, and Paramount believes this is a much better deal for shareholders.”
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