After Netflix won the bidding process to purchase Warner Bros. Discovery, Paramount Skydance isn’t going down without a fight.
On Monday, Paramount Skydance launched a bid to buy the company with an all-cash offer. According to reporting from CNBC’s Alex Sherman, the offer is for $30 per share. As of this publication, WBD stock is trading at $27.80 per share.
That same bid was rejected last week by the Warner Bros. Discovery board of directors. Instead, the company opted to enter into an agreement with Netflix as part of a $72 billion deal.
The last-ditch effort by Paramount comes after the company shared its displeasure with the way the sale process has been handled by Warner Bros. Discovery.
In a letter, attorneys for the company called the sale exercise “a tilted and unfair process”.
“Several U.S. media outlets have reported on the enthusiasm by WBD management for a transaction with Netflix, and on statements by management that a transaction between WBD and Netflix would be a ‘slam dunk,’ while also referring to Paramount’s bid in a negative light,” the letter read.
The Trump administration had shared that it would view the agreement between Netflix and Warner Bros. Discovery with “heavy skepticism” with the President saying the market share of both organizations could be a “problem” in a Sunday statement.
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