Paramount launches a hostile takeover bid for Warner Bros. Discovery
Originally Published: 08 DEC 25 09:20 ET
By David Goldman, CNN
(CNN) — Paramount has gone straight to Warner Bros. Discovery’s shareholders with an all-cash offer for the company that it says is more valuable than Netflix’s deal announced Friday.
Paramount was widely expected to be the frontrunner for Warner Bros. But WBD — which is the parent company of CNN — opted for Netflix, which it said offered a more lucrative deal.
Paramount offered $30 per share for the entire company, while Netflix offered $27.75 for Warner Bros. and HBO. Netflix believes the eventual spinoff of WBD’s cable assets will be worth several dollars per share that will ultimately be worth more than Paramount’s offer.
On Monday, Paramount said WBD shareholders should decide.
“WBD shareholders deserve an opportunity to consider our superior all-cash offer for their shares in the entire company,” Paramount CEO David Ellison said in a statement. “Our public offer, which is on the same terms we provided to the Warner Bros. Discovery Board of Directors in private, provides superior value, and a more certain and quicker path to completion. We believe the WBD Board of Directors is pursuing an inferior proposal.”
This is a developing story and will be updated.
The-CNN-Wire
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