‘More risk’: Warner Bros rejects revised Paramount takeover offer
David Ellison, head of Paramount Skydance
Warner Bros Discovery (WBD) has instructed shareholders to again reject a $161 billion (US$108.4 billion) takeover bid from Paramount Skydance, despite Oracle co-founder Larry Ellison offering a personal guarantee of $60 billion.
In a letter to shareholders, WBD’s board deemed the updated offer “inadequate” compared to the Netflix deal that was agreed on in early December.
Paramount lobbed its initial hostile takeover bid in the days following the announcement of the Netflix deal, saying it made six different takeover offers over a three-month period but WBD “never engaged meaningfully” with these proposals.
