The S&P 500 was hovering between gains and losses, while the Dow Jones Industrial Average edged up 28 points, or 0.1 per cent. The Nasdaq Composite was also marginally higher by 0.1 per cent. Both the S&P 500 and the Dow had closed at all-time highs in the previous session.US equity futures were mixed before the opening bell, with S&P 500 futures slipping less than 0.1 per cent, Dow futures rising 0.1 per cent and Nasdaq futures down 0.2 per cent.“Global uncertainty continues to deepen,” Tan Boon Heng of Mi ...

The bidding war for Warner Bros. Discovery (WBD) and its extensive library of hit TV shows and films like “Harry Potter,” “Game of Thrones,” and the DC Comics titles is dragging on. The studio on Wednesday said its board had unanimously rejected Paramount Skydance’s revised $108.4 billion bid, calling the proposal a “leveraged buyout” that would encumber the company with $87 billion in debt. In a letter to shareholders, WBD urged them to reject the offer, saying the “extraordinary amount” of debt Param ...

The bidding war for Warner Bros. Discovery (WBD) and its extensive library of hit TV shows and films like “Harry Potter,” “Game of Thrones” and the DC Comics titles, is dragging on. The studio on Wednesday said its board had unanimously rejected Paramount Skydance’s revised $108.4 billion bid, calling the proposal a “leveraged buyout” that would saddle the company with $87 billion in debt. In a letter to shareholders, WBD urged them to reject the offer, saying the “extraordinary amount” of debt Paramount w ...

Core Viewpoint - Warner Bros Discovery (WBD) board urges shareholders to reject Paramount Skydance's hostile bid of $108.4 billion, while supporting Netflix's $72 billion cash and stock offer, citing risks associated with Paramount's debt financing [1][2][10]. Group 1: Bid Comparisons - Paramount's hostile bid involves an all-cash offer of $108.4 billion, which the WBD board considers risky due to the extraordinary amount of debt financing required [1][10]. - Netflix's offer is valued at $72 billion, comprising cash and stock, and is supported by the WBD board as a more stable option despite its lower headline value [2][5][6]. - Paramount claims its offer provides superior value at $30 per share compared to Netflix's $27.75 per share, but WBD emphasizes the risks associated with Paramount's financing plan [5][10]. Group 2: Financial Implications - The Paramount financing plan would burden WBD with $87 billion in debt, raising concerns about the feasibility of completing the deal [10][11]. - Financial analysts suggest that Netflix's offer presents a clearer financing structure and fewer execution risks compared to Paramount's bid, which includes the cable TV business [6][10]. - WBD shares are currently trading around $28 per share, indicating market sentiment towards the competing offers [5].

Nestle's recall of some batches of infant nutrition products has widened beyond Europe to the Americas and Asia, including China and Brazil, a tally from the company and national health ministry state... ...

Core Viewpoint - Warner Bros. Discovery's board unanimously rejected Paramount's tender offer, asserting that it is not in the best interest of shareholders and reaffirming Netflix as the preferred partner [1][3]. Group 1: Warner Bros. Discovery's Position - The board emphasized that Paramount's offer is inferior to the merger agreement with Netflix across multiple key areas [3]. - Warner Bros. Discovery's board chair highlighted that Paramount's proposal includes significant debt financing, which poses risks and lacks protections for shareholders if the transaction fails [6]. - The board communicated to shareholders that the Netflix merger offers superior value with $23.25 in cash and shares of Netflix common stock, representing a target value of $4.50 based on Netflix's stock price at closing [7]. Group 2: Financial Implications of Paramount's Offer - Accepting Paramount's offer would incur substantial costs for Warner Bros. Discovery, including a $2.8 billion termination fee to Netflix, a $1.5 billion fee for failing to complete a debt exchange, and approximately $350 million in incremental interest expenses, totaling around $4.7 billion or $1.79 per share [10]. - The board noted that these costs would significantly reduce the net regulatory termination fee from $5.8 billion to $1.1 billion in the event of a failed transaction with Paramount [10]. Group 3: Strategic Considerations - The board concluded that the Netflix merger maximizes value while mitigating downside risks, reinforcing their belief that it is in the best interest of shareholders [10].

Warner Bros. Discovery’s Board of Directors has again unanimously recommended that WBD stockholders reject the revised offer from Paramount Skydance (PSKY) announced December 22, 2025, and continues to recommend that stockholders approve the deal with Netflix, which said it welcomed Warner’s latest reaffirmation of their binding deal. “The Board unanimously determined that the Paramount’s latest offer remains inferior to our merger agreement with Netflix across multiple key areas,” said Samuel A. Di Piaz ...

Even Larry Ellison's vast personal fortune isn't enough to convince Warner Bros. Discovery to change its mind on its deal with Netflix. ...

Core Viewpoint - Warner Bros. Discovery (WBD) has determined that Paramount's revised acquisition offer is inferior to its existing deal with Netflix (NFLX) and has urged its shareholders not to transfer shares to the "interloper" [1] Group 1: Acquisition Offers - Paramount's revised offer includes a plan to acquire shares at $30 each, with a higher breakup fee and a personal guarantee from billionaire Larry Ellison for $40.4 billion in equity financing [1] - Warner Bros. expresses concerns over Paramount's ability to complete the transaction, citing over $50 billion in debt financing as a significant risk factor [1][2] - Paramount has been attempting to acquire Warner Bros. for several months, prompting Warner Bros. to seek a sale last October [2] Group 2: Financial Implications - If Warner Bros. terminates its agreement with Netflix for Paramount's deal, it would incur costs totaling $4.7 billion, including a $2.8 billion breakup fee owed to Netflix and $1.5 billion in expenses from failed debt refinancing [2] - Even with a $5.8 billion termination fee from Paramount, Warner Bros. would only retain $1.1 billion after covering these costs [2] Group 3: Regulatory and Market Considerations - Paramount argues that its acquisition offer is superior and more likely to gain regulatory approval compared to Netflix's deal [3] - Warner Bros. believes both transactions have equal chances of passing regulatory scrutiny [3] - The valuation of Warner Bros.' cable networks, such as TNT and CNN, is a focal point, with Paramount estimating their value at $1 per share, while analysts suggest a higher valuation [3] Group 4: Strategic Positioning - Warner Bros. asserts that the merger with Netflix maximizes value while minimizing downside risk, aligning with shareholder interests [4]

Core Viewpoint - Warner Bros. has rejected Paramount's takeover bid and is urging shareholders to support a competing offer from Netflix, which values Warner's streaming and studio business at $72 billion [1][2]. Group 1: Warner Bros. and Paramount's Offers - Warner Bros. leadership has consistently dismissed Paramount's overtures, emphasizing that the Paramount offer is not in the best interests of the company or its shareholders [2]. - Paramount has increased its offer to $77.9 billion for the entire Warner Bros. company and has made a hostile bid directly to shareholders [1][3]. - Paramount has secured a $40.4 billion equity financing guarantee from Oracle founder Larry Ellison to support its bid [3]. Group 2: Differences in Acquisition Goals - Netflix's acquisition proposal focuses solely on Warner's studio and streaming business, including legacy TV and movie production arms and platforms like HBO Max [4]. - In contrast, Paramount aims to acquire the entire company, which includes additional networks such as CNN and Discovery [4]. Group 3: Regulatory Considerations - A merger with either Netflix or Paramount is expected to face significant antitrust scrutiny, likely triggering a review by the U.S. Justice Department [5]. - The potential merger could lead to legal challenges or requests for modifications from regulators in the U.S. and other countries [5].