Warner Bros. Discovery refuses to compete with Paramount, calls offer ‘fake’

Warner Bros. Discovery’s (WBD) The board of directors refused $108 billion wanting to be taken seriously from David Ellison’s Paramount Skydance, calling the offering “false,” and that Paramount had misled shareholders about its investments.

Saying that it wants to respect its own first contract to sell to NetflixWBD wrote in a letter to shareholders that Paramount “has been misleading WBD shareholders that its proposed action has ‘full support’ from the Ellison family.”

“It didn’t, and it didn’t,” the letter says.

The agency WBD said that Paramount’s offer remains “low compared to the merger of Netflix” and said that Netflix has offered $ 27.75-per share for Warner Bros’ Hollywood studios and the broadcasting business “with a stable agreement with feasible commitments, without the need for any cash payments and debt commitments.”

Netflix welcomed the move. “The Warner Bros. Discovery team confirmed that the Netflix merger agreement is high and that our acquisition is beneficial to our shareholders,” said Netflix CEO Ted Sarandos. words.

Paramount and Ellison’s backers, including his father, tech billionaire Larry Ellison, will review WBD’s rejection and assess whether to raise their bid, Miscellaneous reports.