The WBD board concluded that the Paramount proposal does not benefit the company or its shareholders. The offer, which was modified on December 22, included an irrevocable personal guarantee from Larry Ellison, owner of Oracle and an ally of Donald Trump.
“"insufficient value and emphasizes the extraordinary sum provided in debt financing clauses, which would carry risk in closing the transaction and reduce shareholder protection if the acquisition fails."
The binding agreement with Netflix, announced on December 5, is favored by the board as it offers higher value and greater certainty, avoiding the significant risks and costs associated with the Paramount Skydance bid. WBD owns key platforms such as HBO Max.
The Paramount acquisition offer reached an enterprise value exceeding $108 billion (€92.565 billion). This figure is significantly higher than the approximately $83 billion (€70.875 billion) offered by Netflix, which is limited exclusively to the film and television studios, including HBO and HBO Max.
