The board of directors at Warner Bros. Discovery announced Wednesday that it unanimously urges shareholders to reject the bid by Paramount Skydance.
Jan. 7 The board of directors at Warner Bros. Discovery announced Wednesday that it unanimously recommended shareholders reject the hostile bid by Paramount Skydance and stick with Netflix.
The board said the Paramount offer was «not in the best interests of WBD and its shareholders and does not meet the criteria of a ‘superior proposal’ under the terms of WBD’s merger with Netflix.»
«The board unanimously reiterates its recommendation in support of the Netflix combination and recommends that WBD shareholders reject PSKY’s offer», a press release said.
The board sent a letter to shareholders listing reasons it doesn’t recommend choosing Paramount.
«Your board unanimously determined that the PSKY amended offer remains inadequate, particularly given the insufficient value it would provide, the lack of certainty in PSKY’s ability to complete the offer and the risks and costs borne by WBD shareholders should PSKY fail to complete the offer.
