Warner Bros Discovery’s board on Wednesday unanimously rejected Paramount Skydance’s revised $ $108.4 billion takeover offer, calling it a high-risk, debt-heavy proposal investors should turn down.
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 $82.7 billion deal for the film and television studio and other assets.
Paramount and Netflix have been in a heated battle for Warner Bros, its prized film and television studios, and its extensive content library. Its lucrative entertainment franchises include "Harry Potter," "Game of Thrones," "Friends" and the DC Comics universe, as well as coveted classic films such as "Casablanca" and "Citizen Kane."
The Warner Bros board voted a
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