Paramount Reaffirms Commitment to $30-Per-Share WBD Offer

One day after Warner Bros. Discovery’s board of directors urged its shareholders to reject Paramount Skydance’s $30-per-share all-cash offer, Paramount has opted not to amend its proposal, reasserting that it is “superior” to WBD’s existing agreement with Netflix.

“Our offer clearly provides WBD investors greater value and a more certain, expedited path to completion,” David Ellison, chairman and CEO of Paramount, asserted. “Throughout this process, we have worked hard for WBD shareholders and remain committed to engaging with them on the merits of our superior bid and advancing our ongoing regulatory review process.”

“When announced in December, the Netflix transaction offered WBD shareholders $23.25 in cash, $4.50 in Netflix stock and a share in the pending spin-off of Discovery Global,” a release from Paramount states. “Today, Netflix’s stock price is trading well beneath the low end of its collar, reducing the value offered to WBD shareholders.”

The release from Paramount features an analysis that it says “shows that the total value of the Netflix transaction to WBD shareholders today is $27.42—unmistakably inferior to Paramount’s $30 in cash.”