Dec 17 (Reuters) – Warner Bros Discovery’s board rejected Paramount Skydance’s $108.4 billion hostile bid, saying it failed to provide adequate financing assurances, in a blow to the David Ellison-run company’s ambitions to grow its media empire.
Warner Bros’ board, in a letter to shareholders, said it found Paramount’s offer “inferior” to the merger agreement with Netflix.
Warner Bros chose Netflix as its suitor earlier this month, securing an $82.7 billion enterprise deal for its TV, film studios and streaming assets, while Paramount’s bid includes all of Warner Bros’ assets.
Here is how both the bids compare:
(Reporting by Zaheer Kachwala, Anhata Rooprai and Arnav Mishra in Bengaluru; Editing by Arun Koyyur)
