Paramount given seven-day window to beat Netflix’s WBD offer
Paramount boss David Ellison has seven days to wrestle WBD from Netflix
On Tuesday, Warner Bros Discovery offered Paramount Skydance a seven-day window in which to deliver a superior offer to Netflix for the company.
After the WBD board rejected several hostile takeover offers from Paramount — including a recent bid that offered to cover the US$2.8 billion reverse break-up fee payable to Netflix if they renege on the deal — WBD has now offered Paramount seven days “to clarify your proposal, which we understand will include a WBD per share price higher than US$31.”
A letter sent to the Paramount board on Tuesday, co-authored by CEO David Zaslav and chair Samuel DiPiazza Jr, stressed that the WBD board “has not determined that your proposal is reasonably likely to result in a transaction that is superior to the Netflix merger” and that it continued to recommend the Netflix deal to shareholders.
