News Brief: Warner Bros. Discovery Shareholders Face Paramount Tender Decision
Summary
Warner Bros. Discovery (WBD) shareholders face a critical choice: tender their shares to Paramount’s $30 all-cash offer for the entire company or follow the board’s recommendation to accept Netflix’s $27.75-per-share bid for just the studio and streaming assets. Paramount is actively lobbying shareholders, backed by a new personal guarantee from Larry Ellison, while the decision hinges on valuation, regulatory risks, and the potential to spark a bidding war.
Key Points
- The Choice: Shareholders must decide by January 21 (a flexible deadline) whether to accept Paramount’s $30 all-cash offer for all of WBD or back the board’s deal with Netflix for specific assets at $27.75 per share plus equity in the spun-off “Discovery Global.”
- Reasons to Tender to Paramount:
- Higher Certain Value: $30 cash may be seen as better than Netflix’s lower cash/stock mix.
- Regulatory Advantage: A Paramount-HBO Max combination is viewed as less anti-competitive than a Netflix-HBO Max merger.
- Forcing a Bidding War: Tendering could pressure Netflix to raise its offer.
- Reasons Not to Tender:
- Potential Value in Discovery Global: If spun off, its value could exceed Paramount’s estimate of $1 per share.
- Financing & Political Risks: Paramount’s deal relies heavily on Middle Eastern sovereign wealth funds, which could face regulatory/political scrutiny, especially regarding CNN.
- Preserving Options: Rejecting Paramount ensures the Discovery Global spin-off proceeds, a “safe play” if regulators block Paramount’s full acquisition.
- Financing Update: Paramount altered its offer, adding a $40.4 billion personal guarantee from Larry Ellison to backstop equity funding. However, the Ellison family’s direct cash commitment remains at $12 billion, a point of contention for WBD’s board.
- Strategic Game: The decision involves game theory; some shareholders may act primarily to instigate a higher bid from either side, regardless of the ultimate buyer.
新闻简报：华纳兄弟探索公司股东面临派拉蒙收购要约抉择
摘要
华纳兄弟探索公司（WBD）的股东面临一个关键选择：是以每股30美元的全现金报价将股份出售给派拉蒙（收购整个公司），还是听从董事会建议，接受Netflix以每股27.75美元收购其影视工作室和流媒体资产的交易。派拉蒙正在积极游说股东，并获得了拉里·埃里森新的个人担保支持。股东的决定将基于估值、监管风险以及能否引发竞购战等因素。
关键点
- 核心选择：股东必须在1月21日前（此为可变期限）决定，是接受派拉蒙对WBD整个公司每股30美元的全现金收购，还是支持董事会与Netflix达成的交易（后者仅以每股27.75美元现金加股票收购部分资产，同时将”Discovery Global”业务分拆）。
- 支持派拉蒙要约的理由：
- 更高的确定价值：30美元现金可能被视为优于Netflix更低的现金加股票组合报价。
- 监管优势：派拉蒙与HBO Max的合并被认为比Netflix与HBO Max的合并反竞争风险更低。
- 引发竞购战：接受要约可能迫使Netflix提高报价。
- 拒绝派拉蒙要约的理由：
- Discovery Global的潜在价值：如果分拆上市，其价值可能远超派拉蒙估计的每股1美元。
- 融资与政治风险：派拉蒙的交易严重依赖中东主权财富基金，这可能面临监管和政治审查，尤其是涉及CNN的所有权。
- 保留选择权：拒绝派拉蒙可确保Discovery Global按计划分拆，这是如果监管机构阻止派拉蒙全面收购的”安全选项”。
- 融资更新：派拉蒙修改了要约条款，增加了拉里·埃里森提供的404亿美元个人担保，以支持股权融资。然而，埃里森家族的直接现金承诺仍为120亿美元，这是WBD董事会争论的焦点之一。
- 战略博弈：股东的决定包含博弈论成分；部分股东可能主要为了刺激任何一方提出更高报价而行动，并不在意最终买家是谁。
Original Article Link: https://www.cnbc.com/2025/12/22/paramount-wbd-tender-offer-arguments.html