Fox Business·2026-01-08 16:46Core Viewpoint - Paramount continues to assert that its offer for Warner Bros. Discovery (WBD) is superior to Netflix's deal, despite opposition from WBD's board of directors [1][4]. Group 1: Paramount's Offer - Paramount launched a hostile takeover bid for all of WBD, including cable assets that Netflix did not acquire, with an offer of $30.00 per share in cash [2][7]. - Paramount claims to have addressed all concerns raised by WBD, including providing an irrevocable personal guarantee by Larry Ellison for the equity portion of the financing [6][10]. - The company argues that its offer provides greater value and a more certain path to completion for WBD shareholders compared to Netflix's deal, which has decreased in total value since its announcement [7][10]. Group 2: WBD's Response - WBD's Board of Directors, led by Chair Samuel A. Di Piazza Jr., unanimously rejected Paramount's tender offer, stating that the Netflix deal remains superior across multiple key areas [3][13]. - Di Piazza emphasized that Paramount's offer presents insufficient value and involves significant debt financing risks, which could jeopardize the transaction's completion [14]. - WBD has not disclosed any analysis to help shareholders value their potential ongoing ownership of the linear stub, which Paramount claims illustrates the challenges ahead for Discovery's cable assets [9].