Warner Bros Discovery Board Rejects Paramount’s Revised Bid
The board had issued a comparable statement in December regarding Paramount’s earlier offer, though Paramount revised its proposal on Dec. 22.
Netflix, also in December, confirmed it had finalized an agreement with Warner Bros to purchase its film and television divisions, including HBO Max and HBO, valuing equity at $72 billion and total enterprise worth at $82.7 billion.
On Wednesday, the board once again unanimously reinforced its support for the Netflix merger.
“The Board unanimously determined that Paramount’s latest offer remains inferior to our merger agreement with Netflix across multiple key areas.
“Paramount’s offer continues to provide insufficient value, including terms such as an extraordinary amount of debt financing that create risks to close and lack of protections for our shareholders if a transaction is not completed," it said.
The binding deal with Netflix is expected to deliver stronger value with higher certainty, avoiding the considerable risks and expenses that Paramount’s proposal would place on shareholders, the board added.
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