Paramount eyes Pentwater Capital's Halbower for Warner Bros' board seat

Core Viewpoint - Paramount Skydance is considering nominating Matthew Halbower, founder of Pentwater Capital Management, for a board seat at Warner Bros Discovery to challenge its proposed merger with Netflix [1] Group 1: Paramount's Strategy - Paramount is in discussions with Matthew Halbower, who is a significant investor in Warner Bros, to potentially run for a board position [1] - Pentwater Capital is the seventh-largest investor in Warner Bros, holding approximately 50 million shares [1] - Paramount aims to nominate enough directors to gain a majority on Warner Bros' 14-person board [1] Group 2: Investor Sentiment - Halbower has expressed support for Paramount's bid to acquire Warner Bros and has criticized the current board for rejecting the offer without negotiation [1] - He indicated that if the Warner Bros board fulfills its fiduciary duties, there would be no need for him to join the board [1] - Ancora Holdings, another hedge fund, has also expressed disapproval of the Netflix deal and may initiate its own proxy contest [1] Group 3: Financial Offers - Paramount has enhanced its offer to Warner Bros investors by providing an additional $650 million in cash for each quarter the deal is delayed beyond this year [1] - Paramount has agreed to cover a $2.8 billion breakup fee that Warner Bros would owe to Netflix if the deal falls through [1] - Netflix's offer to Warner Bros shareholders stands at $27.75 per share in cash, which is lower than Paramount's improved bid of $30 per share [1]