Paramount has launched a hostile $108 billion bid to snatch Warner from Netflix

Paramount, Inc.’s Skydance Corporation (NASDAQ: PSKY) (“Paramount”), announced today that it has initiated an all-cash offer to acquire all of the outstanding shares of Warner Bros. Television. Discovery, Inc. (NASDAQ: WBD) (“WBD”) for $30.00 per share in cash. The transaction proposed by Paramount is for the entirety of WBD, including the Global Networks segment.

Paramount’s strategically and financially compelling offer to WBD shareholders provides a distinct alternative to the Netflix (NASDAQ: NFLX) deal, which provides lower and uncertain value and exposes WBD shareholders to a lengthy, multi-jurisdictional regulatory clearance process with uncertain outcomes along with a complex and volatile mix of equity and cash.

Paramount’s offer for all of WBD provides shareholders with $18 billion more in cash than Netflix. WBD’s Board of Directors’ recommendation for the Netflix deal over Paramount’s bid is based on an imaginary forward-looking valuation of global networks that is not supported by business fundamentals and is burdened by high levels of financial leverage allocated to the entity.

“WBD shareholders deserve an opportunity to consider our superior all-cash offer for their shares of the entire company,” said David Ellison, Chairman and CEO of Paramount. “Our public offer, which is on the same terms that we presented to the Warner Bros. Discovery Board of Directors privately, provides superior value and a more certain and faster path to completion. We believe the WBD Board is seeking a lower-quality proposal that exposes shareholders to a combination of cash and stock, an uncertain future trading value for the global network business.” linear cables and the challenging regulatory approval process, we present our offering directly to shareholders to give them the opportunity to act in their best interests and maximize the value of their shares.