The board of Warner Bros. Discovery (WBD) plans to reject Paramount Skydance’s (PSKY) hostile takeover bid and stick to the original offer made by Netflix (WBD), according to media reports on Tuesday.
The reports suggested WBD would reject the offer as soon as Wednesday due to concerns about financing and other terms and that the board sees “greater value” in Netflix’s offer.
Netflix is buying WBD’s streaming and studio assets in a deal that has an equity value of $72B. Paramount has approached shareholders with a $108.4B total buyout offer, after at least six failed bids.
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