WBD once again rejects Paramount offer in favor of Netflix deal

Core Viewpoint - Warner Bros. Discovery (WBD) board unanimously recommends shareholders reject a hostile takeover offer from Paramount Skydance, believing it to be inferior to a $72 billion deal with Netflix for WBD's studio and streaming business [1] Group 1: Hostile Takeover Bid - Paramount Skydance launched a hostile bid for WBD, offering $30 per share in an all-cash deal for the entire company, including its TV networks [2] - The WBD board initially recommended rejecting the offer, and Paramount made further attempts to acquire WBD's assets [3] Group 2: Support and Concerns - Paramount secured backing from billionaire Larry Ellison, addressing concerns raised by WBD's board regarding the financial support for the bid [3] - An amended offer from Paramount included assurances from Ellison regarding the family trust and asset transfers, but did not increase the bid amount [4] Group 3: Offer Deficiencies - WBD's board criticized Paramount for failing to submit a competitive proposal despite clear guidance on deficiencies in previous offers [5] - The board emphasized that Paramount's offers did not represent the best and final proposal, contrasting it with the Netflix merger agreement [5] Group 4: Acquisition Interest Timeline - Paramount's interest in acquiring WBD's assets began in September, leading to three takeover offers before WBD initiated a formal sale process [6]