Warner Urges Rejection of Paramount Bid

Warner Bros. Discovery WBD -2.02%decrease; red down pointing triangle recommended shareholders reject

Paramount’s unsolicited all-cash bid for the company Wednesday, saying it believes Netflix’s proposal

for its studios and HBO Max streaming service is still superior. Calling the Paramount

PSKY -3.21%decrease; red down pointing triangle offer “illusory” in a letter to shareholders, Warner again raised

concerns about the credibility of the equity being offered by Paramount and questioned the structure

of the Ellison family’s commitment to funding the deal. It added that Paramount has “consistently

misled” Warner shareholders. Paramount Chief Executive David Ellison and his father Larry,

the billionaire co-founder of Oracle, are majority shareholders in Paramount, along with RedBird