News Brief: Paramount Challenges Warner Bros. Discovery Sale Process
Summary
Paramount Skydance has sent a formal letter to Warner Bros. Discovery (WBD), questioning the fairness of WBD’s ongoing sale process and alleging bias in favor of Netflix. The letter demands that WBD’s full board address these concerns and consider appointing an independent committee to oversee the process.
Key Points
- Formal Complaint: Paramount’s attorneys sent a letter to WBD CEO David Zaslav, accusing WBD of abandoning a “fair transaction process” and favoring a single bidder (Netflix).
- Bidder Landscape: Paramount, Netflix, and Comcast have all submitted second-round bids. Paramount’s latest offer is all-cash, while Netflix’s is mostly cash. Netflix is reportedly the current leading bidder.
- Allegations of Bias: The letter cites media reports suggesting WBD management has “chemistry” with Netflix and has made positive comments about a deal with them, while viewing Paramount’s bid negatively.
- Core Demand: Paramount seeks confirmation that an independent, disinterested board committee is steering the sale. If not, it urges WBD to create one to ensure fairness.
- Historical Context: Paramount made three offers to buy all of WBD before the formal sale process started, all of which were rebuffed. Netflix and Comcast are only interested in WBD’s streaming and film studio assets.
- WBD’s Response: WBD acknowledged receiving the letter and stated its board attends to its fiduciary duties “with the utmost care.” A winner could be announced as early as next week.
新闻简报：派拉蒙质疑华纳兄弟探索公司出售流程
摘要
派拉蒙天空之舞公司已正式致信华纳兄弟探索公司，质疑其正在进行的出售流程的公平性，并指控其偏袒Netflix。信中要求华纳兄弟探索公司全体董事会处理这些关切，并考虑任命一个独立委员会来监督该流程。
关键点
- 正式投诉：派拉蒙的律师致信华纳兄弟探索公司首席执行官大卫·扎斯拉夫，指控其放弃了”公平的交易流程”，并偏袒单一竞标者（Netflix）。
- 竞标方情况：派拉蒙、Netflix和康卡斯特均已提交第二轮报价。派拉蒙的最新报价是全现金，而Netflix的报价主要是现金。据报道，Netflix是目前领先的竞标者。
- 偏袒指控：信件引用了媒体报道，暗示华纳兄弟探索公司管理层与Netflix管理层有”化学反应”，并对与后者的交易发表积极评论，同时以负面眼光看待派拉蒙的报价。
- 核心要求：派拉蒙要求确认是否有一个独立、无利益关联的董事会委员会在主导出售流程。如果没有，则敦促华纳兄弟探索公司成立这样一个委员会以确保公平。
- 背景信息：在正式出售流程启动前，派拉蒙曾三次提出收购华纳兄弟探索公司全部资产的报价，均被拒绝。Netflix和康卡斯特只对华纳兄弟探索公司的流媒体和电影工作室业务感兴趣。
- 华纳兄弟探索公司的回应：华纳兄弟探索公司确认已收到信件，并表示其董事会”以最谨慎的态度履行其受托责任”。获胜者最早可能于下周公布。
Original Article Link: https://www.cnbc.com/2025/12/04/paramount-questions-warner-bros-discovery-sale-process-letter.html