Home / Business and Economy / Paramount Extends WBD Bid Deadline
Paramount Extends WBD Bid Deadline
22 Jan
Summary
- Paramount extended its hostile takeover bid deadline to February 20.
- Paramount offers $108.4 billion for WBD, valuing it higher than Netflix.
- Billionaire Larry Ellison personally guarantees a portion of Paramount's offer.
Paramount has extended the deadline for Warner Bros. Discovery shareholders to accept its hostile takeover offer to February 20. The company, led by CEO David Ellison, has been in discussions with WBD investors to encourage them to tender their shares.
Paramount's bid of $108.4 billion is positioned as superior to Netflix's previously announced $82.7 billion deal. Paramount argues its all-cash offer for the entire company has a greater likelihood of regulatory approval and offers better shareholder value.
Netflix's deal would result in shareholders retaining a stake in Discovery Global, which controls linear TV networks. WBD plans to split the company this spring, with Paramount vowing to challenge this through a proxy war later this year.
In a significant development, billionaire Larry Ellison has agreed to personally guarantee a substantial portion of Paramount's offer, strengthening its financial commitment to the takeover. The outcome of this bidding war is expected to reshape the media landscape.
