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PARAMOUNT LAUNCHES All-CASH TENDER OFFER TO ACQUIRE WARNER BROS. DISCOVERY FOR $30 PER SHARE
Offer provides superior value, and a more certain and quicker path to completion to WBD shareholdersEquity to be backstopped by Ellison Family and RedBird
About this update from Netflix, Inc.
[{"type":"text","content":"Offer provides superior value, and a more certain and quicker path to completion to WBD shareholdersEquity to be backstopped by Ellison Family and RedBird Capital in addition to debt fully committed by Bank of America, Citi and ApolloObligation to take offer directly to WBD shareholders over concerns they were not presented most compelling and superior transactionNetflix transaction provides WBD shareholders with inferior and uncertain value, a protracted and uncertain multi-jurisdictional regulatory clearance process, a complex and volatile mix of equity and cash, and ownership of Global Networks as a standalone overleveraged company whose future trading value is uncertainLOS ANGELES and NEW YORK, Dec. 8, 2025 /PRNewswire/ -- Paramount, a Skydance Corporation (NASDAQ: PSKY) (\"Paramount\"), today announced it has commenced an all-cash tender offer to acquire all of the outstanding shares of Warner Bros. Discovery, Inc. (NASDAQ: WBD) (\"WBD\") for $30.00 per share in cash. Paramount's proposed transaction is for the entirety of WBD, including the Global Networks segment.\nParamount's strategically and financially compelling offer to WBD shareholders provides a superior alternative to the Netflix (NASDAQ: NFLX) transaction, which offers inferior and uncertain value and exposes WBD shareholders to a protracted multi-jurisdictional regulatory clearance process with an uncertain outcome along with a complex and volatile mix of equity and cash.The Paramount offer for the entirety of WBD provides shareholders $18 billion more in cash than the Netflix consideration. WBD's Board of Directors recommendation of the Netflix transaction over Paramount's offer is based on an illusory prospective valuation of Global Networks that is unsupported by the business fundamentals and encumbered by high levels of financial leverage assigned to the entity.David Ellison, Chairman and CEO of Paramount, said: \"WBD shareholders deserve an opportunity to consider our superior all-cash offer for their shares in the entire company. 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 which exposes shareholders to a mix of cash and stock, an uncertai...