WBD board says the offer ‘remains inadequate’ as some investors push back.
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The board of Warner Bros Discovery (WBD) has unanimously turned down Paramount Skydance’s latest attempt to acquire the studio, saying its revised $108.4bn hostile bid amounted to a risky leveraged buyout that investors should reject.
In a letter to shareholders on Wednesday, the WBD board said Paramount’s offer hinges on “an extraordinary amount of debt financing” that heightens the risk of closing. It reaffirmed its commitment to streaming giant Netflix’s $82.7bn deal for the film and television studio and other assets.
