News Brief: WBD Recommends Netflix Deal Over Paramount’s Hostile Bid
Summary
Warner Bros. Discovery’s board has unanimously recommended shareholders reject a $30-per-share hostile takeover bid from Paramount Skydance, favoring a “superior” cash-and-stock offer from Netflix instead.
Key Points
- Formal Rejection: WBD’s board advised shareholders to reject Paramount’s all-cash, $30-per-share offer, calling it “inadequate” and risky.
- Netflix Deal Preferred: The board endorsed Netflix’s proposal, valuing WBD’s streaming/assets at ~$83B (enterprise value), citing its cash-heavy structure, certainty, and no need for external equity financing.
- Paramount’s Next Move: Paramount can raise its bid but stated no immediate plans. Its CEO said the current offer is not its “best and final.”
- Financing Concerns: WBD criticized Paramount’s financing, noting a lack of full financial backing from the Ellison family and the exit of Jared Kushner’s Affinity Partners.
- Shareholder Vote: A shareholder vote on the Netflix deal is scheduled for spring or early summer.
- Antitrust Outlook: Executives from both WBD and Netflix believe either deal could navigate regulatory approval, though they expect scrutiny.
新闻简报：WBD建议股东选择Netflix交易，拒绝派拉蒙要约
摘要
华纳兄弟探索公司董事会一致建议股东拒绝派拉蒙Skydance提出的每股30美元敌意收购要约，转而支持Netflix提出的”更优”现金加股票交易方案。
关键点
- 正式拒绝：WBD董事会建议股东拒绝派拉蒙的全现金每股30美元要约，称其”价值不足”且风险高。
- 首选Netflix交易：董事会支持Netflix的提案，该交易对WBD流媒体/资产的企业估值约为830亿美元，理由是其现金占比高、确定性高且无需外部股权融资。
- 派拉蒙的下一步：派拉蒙可以提高报价，但表示暂无立即提价计划。其CEO称当前报价并非”最佳最终”方案。
- 融资担忧：WBD批评派拉蒙的融资安排，指出埃里森家族未提供全额财务担保，且贾里德·库什纳的Affinity Partners已退出财团。
- 股东投票：关于Netflix交易的股东投票定于春季或夏初进行。
- 反垄断前景：WBD和Netflix的高管均认为两项交易都有可能获得监管批准，但预计将面临审查。
Original Article Link: https://www.cnbc.com/2025/12/17/wbd-board-paramount-skydance-reject-value.html