Paramount goes hostile in bid for Warner Bros., challenging a $72B bid by Netflix

NEW YORK — Paramount has gone hostile bid for Warner Bros. Discovery, challenging Netflix which reached a $72 billion takeover deal with the company just days ago. Paramount said Monday that it is going straight to Warner Bros. shareholders with a bid worth about $74.4 billion, or $30 per share in cash. Paramount, unlike Netflix, is also offering to buy the cable assets of Warner Bros., and asking shareholders of the company to reject the Netflix bid. It said its offer is worth about $18 billion more than the competing bid from Netflix, which it says is based on an “illusory prospective valuation" of those cable assets. It is the same bid that Warner Brothers rejected in favor of the offer from Netflix in a merger that would alter the U.S. entertainment landscape. Paramount criticized the Netflix offer, saying it “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.” Paramount said it had submitted six proposals to Warner Bros. Discovery over a 12 week period.Weiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times