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Paramount Skydance Unveils Higher Counteroffer for WBD
(MENAFN) Paramount Skydance declared on Monday that it intends to present a rival offer to purchase Warner Bros. Discovery (WBD) assets, challenging Netflix with a bid of $30 per share in cash — a figure totaling roughly $108.4 billion — after a month-long contest for control.
In a formal announcement, the company stated, "Paramount's proposed transaction is for the entirety of WBD, including the Global Networks segment," emphasizing that its plan encompasses all major divisions of the media giant.
The corporation underscored that its "strategically and financially compelling" proposal offers WBD investors a "superior alternative" compared to the Netflix bid, which it characterized as providing "inferior and uncertain" value.
Paramount argued that Netflix’s approach would subject WBD shareholders to a "protracted multi-jurisdictional regulatory" approval process with an "uncertain outcome along with a complex and volatile mix of equity and cash."
David Ellison, Paramount’s CEO, expressed confidence that this acquisition would fortify the entertainment landscape.
"It is in the best interests of the creative community, consumers and the movie theater industry. We believe they will benefit from the enhanced competition, higher content spend and theatrical release output, and a greater number of movies in theaters as a result of our proposed transaction," he remarked.
Just days earlier, Netflix had confirmed entering an accord with WBD to purchase Warner Bros., including its film and television studios, HBO Max, and HBO.
That cash-and-stock deal was estimated at $27.75 per WBD share, representing a $72 billion agreement and an enterprise valuation near $82.7 billion.
In a formal announcement, the company stated, "Paramount's proposed transaction is for the entirety of WBD, including the Global Networks segment," emphasizing that its plan encompasses all major divisions of the media giant.
The corporation underscored that its "strategically and financially compelling" proposal offers WBD investors a "superior alternative" compared to the Netflix bid, which it characterized as providing "inferior and uncertain" value.
Paramount argued that Netflix’s approach would subject WBD shareholders to a "protracted multi-jurisdictional regulatory" approval process with an "uncertain outcome along with a complex and volatile mix of equity and cash."
David Ellison, Paramount’s CEO, expressed confidence that this acquisition would fortify the entertainment landscape.
"It is in the best interests of the creative community, consumers and the movie theater industry. We believe they will benefit from the enhanced competition, higher content spend and theatrical release output, and a greater number of movies in theaters as a result of our proposed transaction," he remarked.
Just days earlier, Netflix had confirmed entering an accord with WBD to purchase Warner Bros., including its film and television studios, HBO Max, and HBO.
That cash-and-stock deal was estimated at $27.75 per WBD share, representing a $72 billion agreement and an enterprise valuation near $82.7 billion.
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