WBD Rejects 'Inferior' Paramount Bid, Urges Shareholders to Back Netflix Deal

• Warner Bros. Discovery (WBD) advises shareholders to reject Paramount Skydance Corp.'s takeover bid, calling it "inferior" and "inadequate."
• WBD favors its original agreement with streaming giant Netflix Inc., which involves selling streaming/studios and spinning off cable networks.
• The WBD board cited Paramount's uncertain financing, risk of deal termination, and opaque equity backing from the Ellison family.
• Paramount offered $30/share cash for the entire company; Netflix offers $27.75/share cash, Netflix stock, and a stake in the new cable company.
• The board unanimously recommended the Netflix deal, highlighting its superior terms and fewer risks compared to Paramount's offer.

Why It Matters: WBD urges shareholders to reject Paramount's risky, inferior bid and support the Netflix merger.