Warner Bros Discovery Urges Shareholders To Reject Paramount's Hostile Bid

Warner Bros. Discovery today urged shareholders to reject Paramount‘s hostile $108 billion takeover proposal, saying Netflix‘s previously accepted offer remains superior. In a 3-page letter, WBD laid out its concerns about a number of aspects of Paramount’s offer. One of its primary issues is the repeated insistence by Paramount that its offer is backstopped by the Ellison family fortune. Larry Ellison, the father of Paramount CEO David Ellison, is a financial backer of the transaction and, as co-founder o ...