Warner Bros Discovery | Pakistan

Warner Bros Discovery’s board rejected Paramount Skydance’s $108.4 billion hostile bid on Wednesday, saying it failed to provide adequate financing assurances. In a letter to shareholders, disclosed in a regulatory filing, the board wrote that Paramount had “consistently misled” Warner Bros shareholders that its $30-per-share cash offer was fully guaranteed, or “backstopped,” by the Ellison family, led by billionaire and Oracle CEO Larry Ellison. “It does not, and never has,” the board wrote of the guarantee of Paramount’s offer, noting that the offer posed “numerous, significant risks.” Warner Bros’ board said it found Paramount’s offer “inferior” to the merger agreement with Netflix’s. The streaming giant’s $27.75 per share offer for Warner Bros’ film and television studios, its library and the HBO Max streaming service is a binding agreement that requires no equity financing and has robust debt commitments, the board wrote. Warner Bros has not yet set a date for a shareholder vote on the deal but it is exp...

Warner Bros Discovery (WBD.O) said it would split into two publicly traded companies, separating its studios and streaming business from its fading cable television networks as the parent of HBO and CNN looks to compete better in the streaming era. The breakup is the latest unravelling of decades of media consolidation that created global conglomerates […]