Paramount Skydance has fired back after Warner Bros. Discovery’s board publicly rejected its hostile bid, insisting its $30 per share all‑cash offer remains superior to the current merger agreement with Netflix.
Paramount urges WBD shareholders to take a closer look at the value it offers.
Paramount Stands Firm on Cash Offer
In a new statement, Paramount reaffirmed its commitment to acquiring Warner Bros. Discovery for $30 per share in cash, a fully financed proposal it says delivers clear, immediate value to shareholders.
The company noted that it has addressed the majority of concerns raised by WBD’s board, including providing an irrevocable personal guarantee from billionaire Larry Ellison for a large portion of the financing.
Chairman and CEO David Ellison argued the all‑cash nature of the offer simplifies valuation and avoids uncertainties tied to stock components, pointing to the fluctuating value of Netflix’s share‑and‑cash proposal as a key differentiator.
Paramount’s analysis claims that even after accounting for the pending spin‑off of Discovery Global, its cash bid still outweighs the total value under the Netflix deal.
Paramount Highlights Certainty and Speed
Paramount also emphasized that its all‑cash approach gives Warner Bros. Discovery shareholders certainty and speed — cash upfront versus a mix of cash, stock and future value tied to a spin‑off that could take years to materialize.
Paramount argues this certainty contrasts with the Netflix deal’s reliance on equity pricing and long regulatory timelines.
The company reiterated that its financing commitments — including a backing from major financial institutions for the debt portion — are fully in place, though Warner Bros.’ board dismissed the structure as a debt‑heavy leveraged buyout.
David Ellison, Chairman & CEO of Paramount said: “Our offer clearly provides WBD investors greater value and a more certain, expedited path to completion. Throughout this process, we have worked hard for WBD shareholders and remain committed to engaging with them on the merits of our superior bid and advancing our ongoing regulatory review process.”
Shareholder Appeal vs. Board Resistance
Despite Paramount’s insistence, Warner Bros. Discovery’s board has remained resolute in recommending shareholders reject the Paramount bid and support the Netflix merger instead, calling Paramount’s financing plan risky and uncertain.
Paramount’s latest rebuttal directly challenges that assessment, framing its offer as a straightforward choice: more cash now, less exposure to market risk later.
How shareholders react — especially with the tender offer deadline approaching — will be one of the key developments in this high‑stakes corporate battle.
