Core Viewpoint - Paramount Skydance has initiated "Plan D" to challenge Netflix's bid for Warner Bros. Discovery, emphasizing the regulatory uncertainties surrounding the Netflix deal and its potential implications for both the transaction and Netflix itself [1][6]. Group 1: Plans and Strategies - "Plan A" involved a $30-a-share all-cash offer from Paramount for Warner Bros. Discovery, which was deemed superior to Netflix's $27.75 cash-and-stock proposal [2]. - "Plan B" was a hostile bid aimed at persuading WBD shareholders to accept Paramount's cash offer [4]. - "Plan C" included the possibility of litigation against WBD for allegedly favoring Netflix's bid due to personal connections between executives [5]. Group 2: Financial Implications - The Netflix deal is under scrutiny as it promises shareholders a seemingly unrealistic $3 per share from the sale of WBD's cable properties, which may not materialize [4]. - Paramount argues that WBD's cable spinoff, burdened with $15 billion in debt, may only yield minimal returns for investors [11]. - Netflix has lost $160 billion in market capitalization since its one-year high in June, raising concerns about its ability to afford the deal amidst $60 billion in debt [7]. Group 3: Regulatory Concerns - The merger between Netflix and WBD is expected to face significant regulatory scrutiny, particularly from the Trump administration, which could complicate the approval process [12][16]. - There are indications that Netflix's business model may be reviewed for potential monopoly status, similar to the scrutiny faced by Amazon and Google [17]. - The regulatory environment is becoming increasingly challenging, with discussions in Washington about Netflix's market dominance [17]. Group 4: Future Considerations - WBD is reportedly interested in a "Plan E," which would involve the Ellisons and Cardinale increasing their offer [18]. - The emergence of "Plan D" suggests that Paramount may consider stepping back if regulatory challenges persist, potentially leaving the deal vulnerable [18].

Paramount Skydance Corp. reaffirmed its offer to buy Warner Bros. Discovery Inc., insisting its $30-a-share bid is superior to one from Netflix Inc. in part because the rival deal would hand investors stock in a cable-TV spinoff that Paramount deems worthless. Paramount’s offer “represents the best path forward” for Warner Bros. shareholders, Paramount said in a statement on Thursday. The company has “cured every issue raised” by Warner Bros., most notably by providing an irrevocable personal guarantee by ...

Skydance Media CEO David Ellison attends the premiere of Netflix's "Spellbound" at the Paris Theater on Monday, Nov. 11, 2024, in New York. (Evan Agostini/Evan Agostini/Invision/AP) Paramount is staying the course on its $30-a-share bid for Warner Bros. Discovery, again appealing directly to shareholders. The move comes after Warner Bros. Discovery's board voted unanimously this week to reject Paramount's revised bid, in which billionaire Larry Ellison agreed to personally guarantee the equity portion of ...

Paramount Skydance on Thursday staunchly defended its revised $78 billion bid to take over Warner Bros. Discovery after the company again rejected its offer in favor of Netflix.The bidder argued that Comcast’s flopped spinoff of its NBCUniversal cable assets this week into a new company called Versant – which includes CNBC and MS NOW, formerly MSNBC – should act as a cautionary tale, since Netflix’s deal hinges on spinning off WBD’s cable assets including CNN. 3 Paramount Skydance on Thursday staunchly de ...

Paramount, with facilities in Hollywood, is continuing to pursue Warner Bros. Discovery. (Robert Gauthier / Los Angeles Times) Paramount's campaign to acquire Warner Bros. Discovery was dealt another blow Wednesday after Warner's board rejected a revised bid from the company. The board cited the enormous debt load that Paramount would need to finance its proposed $108-billion takeover. Warner’s board this week unanimously voted against Paramount’s most recent hostile offer — despite tech billionaire Lar ...

华纳兄弟探索公司(WBD.US)判定，派拉蒙天舞(PSKY.US)修订后的收购要约劣于其已与奈飞(NFLX.US) 达成的现有交易，并敦促其股东不要向这位"介入者"转让股份。 华纳兄弟的董事会在周三致股东的一封信中表示，派拉蒙的要约提供的价值不足，且公司怀疑派拉蒙是 否有能力完成交易。派拉蒙曾于12月22日提出一份修正要约，重申了以每股30美元收购股份的计划，但 增加了更高的"分手费"，并由亿万富翁拉里·埃里森承诺将为支持该交易的404亿美元股权融资提供个人 担保。 华纳兄弟董事会再次对派拉蒙交易中超过500亿美元的借款要求表示担忧，并将其定性为"历史上规模最 大的杠杆收购"。 公司表示："与奈飞合并的确定性相比，派拉蒙天舞要约中巨额的债务融资及其他条款加剧了交易失败 的风险。目标公司或收购方在业绩或财务状况上的变化，以及行业或融资环境的变化，都可能危及这些 融资安排。" 奈飞在一份声明中表示："奈飞将继续致力于与华纳兄弟探索、监管机构及所有利益相关者密切合作， 以确保交易顺利圆满完成。" 争论的焦点很大程度上集中在TNT和CNN等华纳兄弟有线电视网络的价值上，随着消费者转向流媒 体，这些网络正在流失观众和广 ...

Core Viewpoint - Warner Bros. Discovery (WBD) has rejected the latest takeover bid from Paramount Skydance, citing concerns over the debt financing associated with the offer and emphasizing its merger agreement with Netflix as a more favorable option [1][2][3]. Group 1: Takeover Bid Details - Paramount Skydance's latest offer is characterized as an attempt to execute "the largest LBO in history," with a total cash offer of $78 billion, which WBD believes may not be feasible due to the high debt involved [2][7]. - WBD's board has unanimously recommended that investors accept Netflix's $72 billion bid, which translates to $27.75 per share for WBD's Warner Bros. studio and HBO Max streaming service [3][4]. - The cash-and-stock deal from Netflix, along with an estimated $3 per share from the sale of WBD's cable properties, is viewed as superior to the proposal from the Ellisons [4][16]. Group 2: Financial Concerns and Strategy - WBD officials have raised doubts about whether banks will provide the necessary debt financing for the Paramount Skydance deal, especially in a declining business environment [4][5]. - The chairman of WBD stated that the proposed transaction would result in $87 billion of total pro forma gross debt, reinforcing the notion that it resembles a leveraged buyout [7][16]. - The Ellisons have made a personal guarantee to support their bid, but WBD argues that the latest offer does not adequately address the costs associated with completing the Netflix transaction [15][16]. Group 3: Market Reactions and Future Implications - Notable investor Mario Gabelli has sided with the Ellisons, urging shareholders to reject the Netflix deal, with a tender deadline set for January 21 [11]. - Paramount Skydance may consider withdrawing its offer if regulatory challenges hinder the Netflix deal, as it combines the top two streaming services, which is likely to attract scrutiny from antitrust regulators [12][13]. - The Ellisons have pointed to recent poor performance of Comcast's cable spin-off as evidence that the value of the Netflix deal may not meet shareholder expectations [13].

Warner Bros Discovery (WBD) has again told its shareholders to reject an “inadequate” $108.4bn (£80bn) hostile takeover bid by Paramount Skydance amid an extraordinary corporate battle to control the media conglomerate.Paramount, controlled by the billionaire Ellison family, had sought to combat WBD’s criticism of its offer and claims it had “consistently misled” investors by saying it had a “full backstop” – a safety net to ensure it has sufficient funds – from the Ellisons.Larry Ellison, co-founder of Ora ...

派拉蒙由拉里·埃里森及其子大卫·埃里森控制，大卫是一名电影制片人，目前正在组建一个媒体帝国。埃里森父子于 8 月取得了派拉蒙的控制 权，此后多次向华纳兄弟提交收购要约，旨在为他们规模尚小的公司增添另一家好莱坞老牌制片厂，并在流媒体领域获得更大的规模。 知情人士称，华纳兄弟董事会仍不为所动，正等待派拉蒙提高其报价中的财务条款。多位股东表示，他们预计派拉蒙会提供更多资金。董事会还 担心，与派拉蒙的交易会导致华纳兄弟在未经埃里森父子批准的情况下无法管理自身债务，且派拉蒙尚未保证会承担华纳兄弟必须支付给奈飞的 解约金。 知情人士 表示，华纳兄弟董事会尚未做出最终决定，但将于下周开会。董事会的担忧之一在于派拉蒙尚未提高报价，华纳兄弟此前曾拒绝该报 价，认为其劣于流媒体巨头奈飞(NFLX.US)提出的方案。 派拉蒙拥有同名电影制片厂和 MTV。为了争取对其收购华纳兄弟(旗下拥有 HBO 和 CNN)提议的支持，派拉蒙发起了一场公开活动。12 月 8 日，派拉蒙公开提交了每股 30 美元的现金报价，而就在三天前，华纳兄弟刚刚接受了奈飞的交易方案，后者仅收购华纳兄弟的制片厂和流媒体 业务。此后，派拉蒙已两次修改其要约，最近一 ...

知情人士称，华纳兄弟董事会仍不为所动，正等待派拉蒙提高其报价中的财务条款。多位股东表示，他 们预计派拉蒙会提供更多资金。董事会还担心，与派拉蒙的交易会导致华纳兄弟在未经埃里森父子批准 的情况下无法管理自身债务，且派拉蒙尚未保证会承担华纳兄弟必须支付给奈飞的解约金。 华纳兄弟在公开文件中辩称，它认为奈飞的要约由于多种原因优于派拉蒙，包括派拉蒙将背负沉重债务 并计划裁减更多职位。奈飞是好莱坞市值最高的公司，其市值超过 4000 亿美元。 派拉蒙拥有同名电影制片厂和 MTV。为了争取对其收购华纳兄弟(旗下拥有 HBO 和 CNN)提议的支 持，派拉蒙发起了一场公开活动。12 月 8 日，派拉蒙公开提交了每股 30 美元的现金报价，而就在三天 前，华纳兄弟刚刚接受了奈飞的交易方案，后者仅收购华纳兄弟的制片厂和流媒体业务。此后，派拉蒙 已两次修改其要约，最近一次修改包括了甲骨文创始人拉里·埃里森的一项保证，即他将个人担保 404 亿美元的股权融资及其他承诺。 派拉蒙由拉里·埃里森及其子大卫·埃里森控制，大卫是一名电影制片人，目前正在组建一个媒体帝国。 埃里森父子于 8 月取得了派拉蒙的控制权，此后多次向华纳兄弟提交收购 ...