Business
PARAMOUNT SENDS LETTER TO WARNER BROS. DISCOVERY SHAREHOLDERS
Reiterates why Paramount's offer will deliver WBD shareholders with superior value and a faster, more certain path to completion than the Netflix
About this update from Netflix, Inc.
[{"type":"text","content":"Reiterates why Paramount's offer will deliver WBD shareholders with superior value and a faster, more certain path to completion than the Netflix transactionEncourages shareholders to tender their shares today to register their view with the WBD Board of Directors that they prefer the superior Paramount transactionLOS ANGELES and NEW YORK, Dec. 10, 2025 /PRNewswire/ -- Paramount, a Skydance Corporation (NASDAQ: PSKY) (\"Paramount\"), today sent a letter to the shareholders of Warner Bros. Discovery, Inc. (NASDAQ: WBD) (\"WBD\"). The letter clearly sets out why Paramount's $30.00 per share all-cash offer to acquire all of WBD is superior to WBD's transaction with Netflix (NASDAQ: NFLX). \n \n \n \n \n \n \n \nFull text of the letter follows below.Dear Warner Bros. Discovery Shareholder:Paramount began pursuing Warner Bros. Discovery (\"WBD\") because we, along with our partner RedBird Capital, believe we are the best stewards not only to build long-term value for the asset but also delight audiences and help cultivate a more vibrant creative community. We funded, founded and then merged Skydance with Paramount and know the sacrifices and investment it takes to capitalize and grow a media business. I am passionate and dedicated to this pursuit, committed to putting my own money in, and that is why I am writing to you today. Over the past 12 weeks, Paramount presented six proposals to the WBD Board of Directors and management to acquire all of WBD. On Monday, we launched a $30.00 per share all-cash tender offer to present our superior transaction to you directly. Our tender offer documents filed with the Securities and Exchange Commission include the complete bid package we submitted to the WBD Board of Directors on December 4. We want you to see firsthand what Paramount proposed and what we, along with our equity and debt financing partners, were prepared to execute on that very day.Our public offer – identical to the terms we presented to WBD privately – delivers superior value and a faster, more certain path to completion than the transaction announced with Netflix. IT IS NOT TOO LATE TO REALIZE THE BENEFITS OF PARAMOUNT'S PROPOSAL IF YOU CHOOSE TO ACT NOW AND TENDER YOUR SHARES.Paramount's $30.00 All-Cash Offer for All of WBD Delivers Greater Value Than NetflixOur offer is financially superior to Netflix's transaction, which pr...