The battle over which company is buying Warner Bros. Discovery has gone to the boardroom.
The board members have told shareholders to vote against the $108.4 billion bid for Warner Bros. by Paramount Skydance, Reuters reported.
Warner Bros. told shareholders that the hostile bid “provides inadequate value and imposes numerous, significant risks and costs on WBD,” CNN reported.
Warner Bros. said on Wednesday, “We strongly believe that Netflix and Warner Bros. joining forces will offer consumers more choice and value, allow the creative community to reach even more audiences with our combined distribution, and fuel our long-term growth. We made this deal because their deep portfolio of iconic franchises, expansive library, and strong studio capabilities will complement—not duplicate—our existing business,” The Associated Press reported.
Paramount said its proposal has “more value and certainty” than rival bidder Netflix.
Paramount went directly to the shareholders with its proposal to buy Warner Bros. days after news that the company had entered an agreement with Netflix for a sale.
Netflix’s deal would have seen shareholders get $27.75 a share while Paramount offered $30 a share, the AP reported.
Warner Bros. plans to split in two, with Netflix buying the Warner Bros. portion while the other portion, to be named Discovery Global, will control CNN and other television channels, CNN reported. Paramount’s plan would keep the company intact.
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