"We are pleased WBD's Board has unanimously affirmed the superior value of our offer, which delivers to WBD shareholders superior value, certainty and speed to closing."
"Warner Bros. Discovery has determined that Paramount's latest takeover offer is superior to the streaming and studio agreement it struck with Netflix, marking a stark shift in momentum in the fight for the storied Hollywood giant."
Warner Bros. Discovery's board determined that Paramount's takeover offer of $31 per share is superior to its previously agreed streaming and studio deal with Netflix. This reversal marks a significant shift in the acquisition battle for the Hollywood conglomerate. Paramount, owned by Skydance, increased its bid and made additional revisions that prompted Warner's board to declare it a superior proposal. Netflix now has four business days to match or revise its current $27.75 per share offer. Warner maintained that Netflix's bid remains available and the board has not withdrawn its recommendation, setting the stage for an intensified bidding competition.
#paramount-acquisition #netflix-bidding-war #warner-bros-discovery #media-merger #corporate-takeover
Read at www.dailynews.com
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