Warner Bros Discovery has rejected Paramount’s $108bn hostile bid as “inadequate” despite a personal pledge from Oracle co-founder and billionaire Larry Ellison to backstop financing for the takeover.
In a letter to shareholders released on Wednesday, WBD’s board insisted that the $83bn deal agreed last month with Netflix for its studio and streaming business was superior to Paramount’s offer for the entire company, including its legacy TV assets such as CNN.
WBD said the Paramount proposal would be “in effect . . . the largest leveraged buyout in history”, resulting in WBD taking on $54bn in debt from lenders including Bank of America, Citigroup and Apollo to finance the deal.
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