Warner Bros Discovery’s board has unanimously rejected a renewed takeover attempt from Paramount Skydance, arguing that the revised $108.4 billion hostile bid poses excessive financial risk and fails to offer sufficient value to shareholders.
In a letter sent to investors on Wednesday, the board of Warner Bros Discovery said Paramount’s proposal relies on “an extraordinary amount of debt financing,” raising serious concerns about whether the deal could actually be completed. The board reaffirmed its support for a competing offer from Netflix, valued at $82.7 billion, which includes the studio’s film and television operations and other assets.
