Paramount Launches Hostile Takeover Bid for Warner Bros.
Paramount Skydance is launching a hostile takeover attempt to buy Warner Bros. Discovery, announcing Monday that it's attempting to purchase all outstanding shares of the company for $30 each. The move follows the announcement that Netflix struck an $82.7 billion deal last week to buy WBD (see 2512050046).
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Paramount said that its offer is more lucrative for WBD shareholders and that the Netflix deal exposes them "to a protracted multi-jurisdictional regulatory clearance process with an uncertain outcome." Paramount CEO David Ellison said its offer gives "a more certain and quicker path to completion," while Netflix's means "a challenging regulatory approval process."