Paramount updates WBD bid with Ellison’s backing
The company announced Monday that the update addresses concerns previously raised by WBD.
Paramount confirmed that it continues to offer $30 per share for all outstanding WBD shares, which would include assuming the company’s full assets and liabilities.
Ellison, Oracle founder and Paramount’s controlling shareholder, has pledged an irrevocable personal guarantee to cover any potential claims against Paramount. He also committed $40.4 billion in equity financing to support the transaction. Paramount added that Ellison will not transfer assets in ways that could undermine the deal or revoke the Ellison family trust while negotiations continue.
Earlier this month, WBD agreed to sell its studio and streaming assets to Netflix for an estimated $83 billion enterprise value. Paramount, in response, is seeking to acquire the full company, including its television network portfolio, valuing WBD at $108.4 billion.
Despite Paramount increasing its proposed reverse termination fee to match Netflix’s offer, it has maintained its cash-per-share proposal at $30, arguing that its bid remains superior. Last week, WBD’s board recommended shareholders reject Paramount’s offer and support the Netflix agreement.
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