Warner Bros to reject $108bn Paramount bid, reports say
8 hours ago Share Save Osmond Chia Business reporter Share Save
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Warner Bros Discovery will urge its shareholders to reject Paramount Skydance's $108.4bn (£80.75bn) takeover bid as soon as Wednesday, according to reports. Paramount has said its offer is "superior" to a $72bn deal that Warner Bros struck with Netflix for its film and streaming businesses. At the same time, a key backer of Paramount's attempt to buy Warner Bros, Affinity Partners, has reportedly pulled out of the bid, citing the involvement of "two strong competitors". Affinity was founded by US businessman and President Donald Trump's son-in-law Jared Kushner. Warner Bros declined to comment when contacted by the BBC. Paramount and Affinity have also been asked for a response to the reports.
Warner Bros will advise its shareholders to reject Paramount's offer for a number of reasons including concerns over how the deal would be financed, according to the Financial Times. The media giant put itself up for sale in October after receiving "multiple" expressions of interest from potential buyers, including approaches from Paramount Skydance. On 5 December, Warner Bros Discovery said it had agreed to sell its film and streaming businesses to Netflix.
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