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The Delaware Chancery Court on Thursday rejected Paramount's demand for Warner Bros. Discovery to better explain why Netflix's nearly $83 billion takeover was more appealing than its own, according to court filings.
Paramount wanted the court to fast-track the case so Warner Bros. shareholders could have access to financial details necessary to decide whether to accept its $30 per share all-cash tender offer
Netflix (NFLX) shares slipped 2% on Wednesday as the streamer moved to bolster its bid for Warner Bros Discovery's (WBD) studios and streaming units, raising qu
Paramount accused WBD's board of breaching fiduciary duties by refusing to engage with what it calls a financially superior proposal.
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In addition to adding Ellison's guarantee of his personal fortune — currently valued at above $250 billion — Paramount also extended the deadline for WBD investors to tender their shares to their side and away from Netflix to Jan. 21.
Paramount Skydance on Monday doubled down on its hostile bid for Warner Bros. Discovery, amending its $30-per-share all-cash offer to include a massive personal guarantee from Oracle billionaire Larry Ellison.
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Shares of Paramount Skydance fell more than 4% after trading opened Wednesday, while Warner Bros. Discovery's stock dropped 1%.
WBD had agreed to sell to Netflix but Paramount swiftly countered with an all-cash offer, which WBD's board is calling ‘inadequate'
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Like a thrilling corporate drama, the battle for Warner Bros Discovery acquired a sensational new subplot last week when, not willing to let go, Paramount Skydance made a comeback with a $108.4 billion all-cash hostile bid for the studio powerhouse, just days after WBD had sealed a deal with Netflix.
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"After Paramount announced the hostile [takeover bid], I hear it's almost guaranteed that Netflix will up its offer to stay in the game," said one media company executive.