Warner Bros. Discovery has officially rejected Paramount’s revised offer to buy the company, saying it was “not in the best interests of WBD and its shareholders.” The offer also does qualify as a “superior proposal” based on the definition in WBD’s pact with Netflix that was announced back in December.
After WBD announced a deal with Netflix, Paramount launched a hostile bid, appealing directly to WBD shareholders. Paramount later sweetened the deal, including a massive $40.4 billion guarantee from Larry Ellison, but WBD’s shareholders rejected this as well.
WBD’s board of directors said on January 7 that it continues to recommend that shareholders approve Netflix’s bid and reject Paramount’s.
