Paramount Skydance, which was itself born out of a merger just earlier this year between Paramount Global and Skydance Media, is headed up by David Ellison, who has for some time now made clear his wish to acquire Warner Bros.
Warner Bros Discovery announced the definitive agreement with Netflix last week, with the deal being worth nearly $83 billion.
However, Paramount Skydance has now launched what is known as a hostile bid to take over Warner Bros Discovery, making a direct offer to shareholders of $30 per share to take the entire company, including its traditional TV networks which are excluded from the Netflix deal.
Over the weekend, US President Donald Trump said that Netflix's "big market share" combined with the Warner Bros Discovery streaming assets it would be incorporating "could be a problem", referring to US competition laws.
Lord of the Rings, Harry Potter and the DC Universe are some of the big film franchises owned by Warner Bros, while Game of Thrones, Friends an
"WBD’s Board of Directors recommendation of the Netflix transaction over Paramount’s offer is based on an illusory prospective valuation of Global Networks that is unsupported by the business fundamentals and encumbered by high levels of financial leverage assigned to the entity."
"We believe the WBD Board of Directors is pursuing an inferior proposal which exposes shareholders to a mix of cash and stock, an uncertain future trading value of the Global Networks linear cable business and a challenging regulatory approval process.
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