Warner Bros Discovery’s board has unanimously turned down Paramount Skydance’s (PSKY) latest attempt to acquire the studio, saying its revised US$108.4 billion hostile bid amounted to a risky leveraged buyout that investors should reject.
In a letter to shareholders on Wednesday, Warner Bros’ board said Paramount’s offer hinges on “an extraordinary amount of debt financing” that heightens the risk of closing. It reaffirmed its commitment to streaming giant Netflix’s US$82.7 billion deal for the film and television studio and other assets.
