WBD board tells shareholders to reject Paramount Skydance's takeover offer, saying 'value is inadequate'

The Warner Bros. Discovery committee connected Wednesday said it unanimously recommended that WBD shareholders cull a takeover connection from Paramount Skydance and instrumentality with a "superior" connection from Netflix.

Last week, Paramount launched a hostile bid for WBD, taking a $30-per-share, all-cash connection straight to shareholders. Paramount Skydance CEO David Ellison has argued the deal, which equates to an equity worth of $108.4 billion, is amended than Netflix's and that a Paramount-WBD operation would person amended chances of winning regulatory approval.

"Following a cautious valuation of Paramount's precocious launched tender offer, the Board concluded that the offer's worth is inadequate, with important risks and costs imposed connected our shareholders," Samuel Di Piazza, seat of the Warner Bros. Discovery board, said successful a news release. "This connection erstwhile again fails to code cardinal concerns that we person consistently communicated to Paramount passim our extended engagement and reappraisal of their six erstwhile proposals. We are assured that our merger with Netflix represents superior, much definite worth for our shareholders and we look guardant to delivering connected the compelling benefits of our combination."

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