Paramount Skydance is trying to convince Warner Bros. Discovery (WBD) shareholders to accept its $108 billion buyout offer and assert to its leaders that it is “superior” to the one Netflix made to them last week.
Paramount CEO David Ellison sent a lengthy letter Wednesday to WBD shareholders urging them to sell their shares and to tell the board of directors that they prefer the offer made to them because they consider it “superior,” notes Variety magazine.
Paramount and Netflix, two audiovisual industry giants, are at loggerheads in an attempt to acquire the iconic WBD company.
WBD had a previous agreement with Netflix to sell the company for $82.7 billion, including debt, after which Paramount came into the picture.
“We financed, founded and then merged Skydance with Paramount, and we know the sacrifices and investment required to capitalize and grow a media business,” Ellison stated in the missive to shareholders, declaring himself “passionate” and “committed” to the project, and willing to invest his own money.
Over the past 12 weeks, Paramount submitted six proposals to WBD’s board and management to acquire the entire company and last Monday launched a cash tender offer of $30.00 per share, for a total of $108 billion, he recalled.
Ellison recounted Paramount’s bids for WBD, his views regarding a sale to Netflix, and stated that he had communicated to WBD representatives that the $30 per share proposal was not the “final” offer, notes ‘Variety’.
He also insisted that “we are committed to carry out this transaction” and to sign it “immediately”, reported Agencia EFE.
Find out more at ‘QueOnnda.com’.
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