Paramount and Skydance Intensify Hostile Pursuit of Warner Bros. with $108.4 Billion Offer, Facing Board Rejection and Netflix Rivalry
In January, Paramount/Skydance launched a hostile $30-per-share takeover; Paramount later offered $108.4B, backed by Ellison, amid Warner's board publicly rejecting offers and Netflix rival bid.
Epoch TimesParamount Takes $30 per Share Bid for Warner Bros. to Shareholders After Board Rejects Talks
SemaforExclusive: WBD wants more money from Paramount, but neither side is willing to blink
Al JazeeraWarner Bros investors torn on Paramount Skydance bid
Fox BusinessParamount refuses to back down in Warner Bros. Discovery takeover fight against Netflix
Overview
January 8: Paramount Skydance launched a hostile $30-per-share all-cash takeover bid for Warner Bros, later escalating to a $108.4 billion offer to shareholders.
Paramount claims its $108.4B proposal delivers more value than Netflix's $72B studio-and-streaming acquisition, asserting superior shareholder returns despite Warner's board objections.
Oracle co-founder Larry Ellison personally guaranteed $40.4 billion for Paramount's equity financing while Paramount plans to raise about $54 billion in debt to fund the takeover.
Warner Bros. Discovery's board unanimously rejected Paramount‑Skydance's $108.4B bid, warning the deal could create roughly $87 billion of leveraged buyout debt and exceed safe leverage levels.
Netflix remains a rival suitor with a recommended $72 billion offer to acquire Warner's studio and HBO Max, proposing to spin news and cable into a separate public company.
Analysis
Center-leaning sources frame the Warner Bros. takeover story by emphasizing the strategic and financial prudence of Warner's decision to favor Netflix over Paramount. Language choices highlight the 'superior value' and 'certainty' of the Netflix deal, while Paramount's offer is depicted as 'risky' and 'debt-laden.' The narrative prioritizes Warner's rationale and shareholder interests, marginalizing Paramount's perspective.