Paramount Weighs Taking Warner Bros. Discovery Bid Directly To Shareholders After Losing Out To Netflix: Report
Synopsis
Paramount had offered $30 per share in cash for all of WBD’s assets and later told the company it believed the sale process favored Netflix.
Paramount (PSKY) is reportedly weighing taking an offer directly to Warner Bros. Discovery (WBD) shareholders after losing out to Netflix (NFLX) in a bidding process that ended Friday with Netflix agreeing to acquire HBO Max and the Warner Bros. film studio for $27.75 per share, valuing the deal at $72 billion.
Paramount’s lawyers apparently told WBD this week that the sale process favored Netflix, according to a report by CNBC.
The company had submitted a $30-per-share, all-cash offer and was the only bidder seeking all of WBD’s assets, including the studio, streaming service, and TV networks. Paramount has also argued that Netflix’s bid carries steeper regulatory risk, the report said.
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