Summary
Warner Bros. Discovery's board has rejected a $108-billion offer from Paramount, instead advising shareholders to proceed with an $83-billion deal with Netflix. The board said the offer from Paramount had too many risks and didn't address important concerns. They believe the partnership with Netflix provides greater value.
Key Facts
- Warner Bros. Discovery's board rejected Paramount's $108-billion takeover offer.
- The board advised shareholders to support an $83-billion deal with Netflix.
- Paramount's bid was described as hostile, meaning it was not welcomed by Warner Bros. Discovery's board.
- Samuel A. Di Piazza, Jr., the board chairman, said Paramount's offer had too many associated risks and costs.
- Warner Bros. Discovery has engaged with Paramount on six previous proposals.
- The board believes the Netflix deal has more benefits for shareholders.
