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Paramount Fires Off Letter To Warner Bros. Investors Claiming Netflix Deal Overstates Value And Can't Match Its Cash Bid
(MENAFN- AsiaNet News)
Paramount Skydance Corporation (PSKY) intensified its appeal to Warner Bros. Discovery (WBD) shareholders on Wednesday, arguing that its $30 per share all-cash offer provides materially higher and more reliable value than WBD's agreed transaction with Netflix (NFLX).
The company said Netflix's mix of cash, stock and a stake in the Global Networks spin-off is overstated in value once adjusted for Netflix's falling share price, potential purchase price reductions tied to debt allocation, and what Paramount sees as a low underlying valuation for Global Networks.
Paramount argued that, by its estimates, the Netflix package is worth about $28.75 per share before factoring in risk or the longer closing timeline.
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