Warner Bros. Discovery (WBD) has urged shareholders to reject a $108 billion hostile takeover bid from Paramount Skydance, instead recommending support for its previously agreed deal with Netflix. The board said Paramount’s offer undervalued the company and posed significant risks, despite being pitched at $30 per share, including assumed debt.
Netflix struck an agreement earlier this month to acquire WBD’s TV and film studios in a cash-and-stock deal valued at about $82.7 billion, or $27.75 per share, giving the streaming giant control of one of Hollywood’s most prized content portfolios. WBD opted for Netflix’s proposal following an auction process that also involved Comcast.
WBD board chair Samuel A. Di Piazza Jr. said Paramount’s latest bid failed to address long-standing concerns raised during engagement over six previous proposals, adding that the Netflix deal offers “superior, more certain value” for shareholders.
The development comes after Affinity Partners, the private equity firm founded by Jared Kushner, withdrew its backing for Paramount Skydance’s bid. The story remains developing.
