News Brief: Paramount Skydance Launches Hostile Bid for Warner Bros. Discovery
Summary
Paramount Skydance has initiated a hostile takeover bid for Warner Bros. Discovery (WBD) with a $30 per share all-cash offer, valuing the company at $108.4 billion. This comes after WBD agreed to sell its studio and streaming assets to Netflix. Paramount argues its offer is superior and aims to keep WBD intact.
Key Points
- Hostile Bid: Paramount Skydance is taking its $30/share all-cash offer directly to WBD shareholders after the WBD board rejected it.
- Financing: The bid is backed by equity from the Ellison family, RedBird Capital, Middle Eastern funds (Saudi PIF, Abu Dhabi, Qatar), Jared Kushner’s Affinity Partners, and $54B in debt.
- Netflix Deal: Netflix previously won a bidding war for WBD’s film studio and HBO Max for ~$72B ($27.75/share), but not its TV networks.
- Paramount’s Argument: Claims its offer provides $17.6B more cash to shareholders than Netflix’s and that keeping WBD whole is better for shareholders.
- Regulatory Angle: Paramount CEO David Ellison claims its deal will face easier regulatory approval than Netflix’s, which he calls “anticompetitive.”
- Market Reaction: Paramount stock rose 7%, WBD rose 5%, while Netflix fell over 4% on the news.
新闻简报：派拉蒙Skydance对华纳兄弟探索公司发起恶意收购
摘要
派拉蒙Skydance已对华纳兄弟探索公司发起恶意收购要约，提出每股30美元的全现金报价，对公司估值1084亿美元。此举是在WBD同意将其影视工作室和流媒体资产出售给Netflix之后进行的。派拉蒙声称其报价更优，并旨在保持WBD的完整性。
关键点
- 恶意收购：在WBD董事会拒绝其报价后，派拉蒙Skydance正将其每股30美元的全现金报价直接提交给WBD股东。
- 融资安排：收购资金来自埃里森家族、RedBird Capital的股权，中东基金（沙特PIF、阿布扎比、卡塔尔）、贾里德·库什纳的Affinity Partners的出资，以及540亿美元的债务承诺。
- Netflix交易：Netflix此前在以约720亿美元（每股27.75美元）的竞购中赢得了WBD的影视工作室和HBO Max，但不包括其电视网络资产。
- 派拉蒙的论点：声称其报价比Netflix的交易为股东多提供176亿美元现金，并且保持WBD完整对股东更有利。
- 监管角度：派拉蒙CEO大卫·埃里森声称其交易将比Netflix的交易更容易获得监管批准，并称Netflix的交易是”反竞争的”。
- 市场反应：消息公布后，派拉蒙股价上涨7%，WBD上涨5%，而Netflix下跌超过4%。
Original Article Link: https://www.cnbc.com/2025/12/08/paramount-skydance-hostile-bid-wbd-netflix.html