Paramount Threatens Board Fight Over Warner Bros. Discovery
The New York Times • • business
Key Points:
- Paramount has intensified its hostile bid for Warner Bros. Discovery by announcing plans to nominate directors to Warner’s board and suing the company for more information on why Netflix’s $83 billion bid was favored over Paramount’s $108 billion offer.
- Warner Bros. Discovery’s board rejected Paramount’s higher bid last week, maintaining its agreement with Netflix, citing concerns over the heavy debt Paramount’s offer would impose.
- Paramount is also seeking to amend Warner’s bylaws to require shareholder approval before Warner can spin off its cable unit, a move Warner’s spokesperson criticized as a distraction and baseless attack.
- Warner’s board, led by Samuel A. Di Piazza Jr., stands by its decision, emphasizing that the Netflix deal delivers greater shareholder value despite
