Here’s what to expect in Paramount’s quest to elbow out Netflix and buy Warner Bros. Discovery

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News Brief: Paramount Launches Hostile Bid for Warner Bros. Discovery

Summary

Paramount Skydance has launched a hostile, all-cash tender offer of $30 per share for Warner Bros. Discovery (WBD), challenging WBD’s existing deal to sell key assets to Netflix. This initiates a potential bidding war for control of the media company.

Key Points

  • Hostile Offer: Paramount submitted a $30-per-share, all-cash tender offer directly to WBD shareholders after WBD’s board rejected it last week.
  • Financing: The bid is backed by $41B in equity and $54B in debt commitments.
  • Process: The offer is open for 20 business days; Paramount needs 51% of shares to gain control.
  • WBD’s Stance: The WBD board has not changed its recommendation for the Netflix deal and advised shareholders to take no action on Paramount’s offer yet but will review it.
  • Potential for Higher Bid: Paramount’s CEO indicated the $30 offer is not its “best and final,” suggesting willingness to increase it.
  • Asset Valuation Dispute: Paramount values WBD’s linear TV networks at $1/share, far below WBD’s internal ~$3/share estimate.
  • Breakup Fee: If WBD ditches Netflix, it owes a $2.8B breakup fee, which Paramount may need to cover.
  • Regulatory Debate: Paramount argues a Netflix-WBD combo is anti-competitive, while Netflix’s CEO expresses confidence in regulatory approval and criticizes Paramount’s synergy estimates as job-cutting measures.

新闻简报：派拉蒙对华纳兄弟探索公司发起敌意收购

摘要

派拉蒙天空之舞公司已对华纳兄弟探索公司发起每股30美元的全现金敌意收购要约，挑战了WBD将关键资产出售给Netflix的现有协议。这引发了一场对这家媒体公司控制权的潜在竞购战。

关键要点

  • 敌意收购要约：在WBD董事会上周拒绝其提议后，派拉蒙直接向WBD股东提交了每股30美元的全现金收购要约。
  • 融资安排：该要约得到410亿美元股权融资和540亿美元债务承诺的支持。
  • 收购流程：要约开放20个交易日；派拉蒙需要获得51%的股份才能取得控制权。
  • WBD立场：WBD董事会未改变其对Netflix交易的建议，并建议股东暂不对派拉蒙的要约采取行动，但表示将予以审查。
  • 提高报价可能：派拉蒙CEO暗示30美元的报价并非”最佳及最终”出价，表示愿意提高报价。
  • 资产估值分歧：派拉蒙对WBD线性电视网络的估值为每股1美元，远低于WBD内部约每股3美元的估值。
  • 分手费：如果WBD放弃与Netflix的交易，需支付28亿美元分手费，派拉蒙可能需要承担这部分成本。
  • 监管争议：派拉蒙认为Netflix与WBD合并将构成反竞争；而Netflix的CEO对获得监管批准表示信心，并批评派拉蒙的协同效应估算是以裁员为代价。

Original Article Link: https://www.cnbc.com/2025/12/08/paramount-wbd-netflix-hostile-bid-what-to-expect.html

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