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Warner Bros. Discovery has sharply rejected Paramount’s hostile offer, alleging the $108-billion deal carries substantial risks because the Larry Ellison family has failed to put real money behind its bid for Warner’s legendary movie studio, HBO and CNN.
Paramount “has consistently misled WBD shareholders that its proposed transaction has a ‘full backstop’ from the Ellison family,” Warner Bros. Discovery’s board wrote Wednesday in a letter to its shareholders filed with the Securities and Exchange Commission.
“It does not, and never has,” the Warner board said.
Warner’s board voted unanimously to reject Paramount’s hostile bid, concluding it was not in the best interests of shareholders.
For Warner, what was missing was a clear declaration from Paramount that the Ellison family had agreed to commit funding for the deal. Paramount last week told Warner stockholders that it would pay them $30 a share — or $78 billion for the entire company. Paramount also has said it would absorb Warner’s debt, making the overall deal valued at $108 billion.
Paramount disputed Warner’s contention that the Ellison family had not come through with needed financial guarantees.
“We remain committed to bringing together two iconic Hollywood studios to create a unique global entertainment leader,” Paramount…
Netflix announced Friday it's reached a deal to buy pieces of Warner Bros. Discovery, bringing a swift end to a dramatic bidding process that saw Paramount Skydance and Comcast also vying for the legacy assets.
The transaction is comprised of cash and stock and is valued at $27.75 per WBD share, the companies said. That puts the equity value of the deal at $72 billion, with a total enterprise value of approximately $82.7 billion.
Netflix will acquire Warner Bros.' film studio and streaming service, HBO Max. Warner Bros. Discovery will move forward with its previously planned spinout of Discovery Global, which includes its massive portfolio of pay TV networks, such as TNT and CNN.
The blockbuster deal brings together the streaming giant Netflix, which has upended the media industry in recent years, and the storied Warner Bros. film studio, known for its library including "The Wizard of Oz," the Harry Potter franchise and the DC comics universe. It will also include the content of HBO Max, including "The Sopranos" and "Game of Thrones."
"I know some of you're surprised that we're making this acquisition, and I certainly understand why. Over the years, we have been known to be builders, not…
The Warner Bros. logo is displayed on a water tower at Warner Bros. Studio on September 12, 2025 in Burbank, California. Mario Tama | Getty ImagesWarner Bros. Discovery's board is considering reopening sales talks with Paramount Skydance after recently receiving an amended offer with sweetened deal terms, Bloomberg News reported on Sunday, citing unnamed sources.Warner Bros. in December agreed to sell both its film studio and HBO Max streaming service to Netflix for $27.75 per share. Paramount, which owns CBS and MTV, in December launched a hostile bid for Warner Bros., promising its shareholders $30 per share in an all-cash deal. Last week, Paramount upped the ante, saying it would add a ticking fee of 25 cents a share to its offer for any delay in regulatory approval of the deal. The ticking fee would be approximately $650 million in cash value per quarter for every quarter the deal has not closed by Dec. 31, 2026, CNBC.com previously reported.Paramount also said it will cover a $2.8 billion termination fee paid to Netflix if the Warner Bros. deal is terminated. Paramount also said it will eliminate $1.5 billion in possible debt refinancing costs. Both Paramount and Netflix have…