Paramount Skydance reiterated on Thursday that its $108.4 billion bid for Warner Bros Discovery (WBD) is superior to rival Netflix’s offer, arguing that the cable spinoff central to Netflix’s proposal holds little value.
Paramount’s amended offer, rejected by Warner Bros’ board on Wednesday, included $40 billion in equity personally guaranteed by Oracle co-founder Larry Ellison father of Paramount CEO David Ellison and $54 billion in debt to fund the acquisition.
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The offer values each Warner Bros share at $30 for the entire company, compared with Netflix’s $27.75 per share cash-and-stock deal, which covers only Warner Bros’ studios and streaming assets.
Warner Bros’ board maintains that Paramount’s revised bid “remains inadequate,” citing uncertainty over the CNN parent’s ability to close the deal and the exposure of WBD shareholders to significant risks if the transaction fails. The board also warned that Paramount’s proposal relies on “an extraordinary amount of debt financing,” raising concerns about completion.
In contrast, Netflix’s offer requires no equity financing and is backed by $59 billion in debt from banks including Wells Fargo, BNP Paribas, and HSBC Holdings.
While Warner Bros Chairman Samuel Di Piazza confirmed the company is not currently negotiating with Paramount, he said the board would consider a deal if Paramount presents a “compelling” offer.
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Some investors, including the 7th-largest shareholder Pentwater Capital, criticised the board for not engaging with Paramount, suggesting the company may be overlooking a superior deal.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
