&imwidth=800&imheight=600&format=webp&quality=medium "'Significant risks!' Warner Bros. Discovery rejects Paramount’s $108 billion hostile bid")
On Dec 17, Warner Bros Discovery officially rejected David Ellison's Paramount hostile deal for the company, saying that they found their offer "inferior". Hours after Bloomberg reported that the Warner Bros is going to say ‘no’ to $108 Billion hostile bid, it has been officially revealed that the reports were indeed true.
The ongoing war between Netflix and Paramount is taking place to acquire Warner Bros. Discovery, one of the world’s oldest studios and home to several iconic characters, movies, and television shows.
Warner Bros. Discovery Rejects Paramount’s $108 Billion Hostile Bid
The board of Warner Bros Discovery rejected the $30 per share hostile bid for the company, telling its shareholders that it remains “inferior” to the Netflix deal.
“Following a careful evaluation of Paramount’s recently launched tender offer, the Board concluded that the offer’s value is inadequate, with significant risks and costs imposed on our shareholders,” said Samuel A. Di Piazza, Jr., chair of the Warner Bros. Discovery board of directors, in a statement.
“This offer once again fails to address key concerns that we have consistently communicated to Paramount throughout our extensive engagement and review of their six previous proposals.''
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In the annoucement post, Piazza said in a statement that the board members remain confident about their merger with Netflix, saying it, ‘’represents superior, more certain value for our shareholders and we look forward to delivering on the compelling benefits of our combination.”
A date for the shareholder vote on the deal has not been set by Warner Bros, but it's expected to happen soon in spring or early summer.
Netflix and Paramount's separate deals
On Dec 5, Netflix announced that it is buying Warner Bros. in a historic deal valued at $82.7 billion, merging one of the biggest studios that has produced films such as Harry Potter franchise and shows like Friends with the streaming giant. Two days later, on Dec 7, Paramount offered a hostile bid worth $108.4 billion to acquire Warner Bros. Discovery.
