Netflix, Discovery and Warner Bros.
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Warner Bros. Discovery, responding to Paramount Skydance's unsolicited takeover offer to acquire all of WBD's outstanding stock for $30/share, said it will review the proposal and issue its decision within 10 business days.
Paramount Skydance has launched a hostile bid to buy Warner Bros. Discovery. It comes after Netflix announced a merger with Warner Bros. Dec. 5.
NEW YORK (AP) — Warner Bros. Discovery’s friendly agreement to sell itself to Netflix just got upended by a hostile actor -- Paramount, which made Warner shareholders a higher offer and touched off what is likely to be a lengthy fight in the latest episode of media industry consolidation.
David Ellison fought hard to win Warner Bros. Discovery. But despite his strenuous efforts, he lost out to Netflix — and now Ellison is switching from carrots to sticks: Paramount Skydance is taking its case directly to shareholders in a hostile takeover bid for WBD.