Paramount Pushes Back
Paramount described Warner’s decision as “unusual,” arguing the board could have evaluated its offer without imposing a timed deadline. Nevertheless, the company said it remains prepared to engage in “good faith and constructive discussions.”
Paramount reaffirmed its $30-per-share tender offer — which it insists surpasses Netflix’s bid — and said it would continue pursuing a proxy fight.
Two Very Different Visions
At the heart of the drama lies a stark contrast in ambition.
In December, Netflix agreed to acquire Warner’s studio and streaming operations for $72 billion in an all-cash transaction. The deal, valued at roughly $83 billion including debt, equates to $27.75 per share and would cover Warner’s legacy film and television production businesses, as well as HBO Max. The agreement would close after Warner completes a previously announced separation of its cable networks.
Paramount, by contrast, seeks to acquire the entire Warner enterprise — including networks such as CNN and Discovery — through a hostile $77.9 billion all-cash bid launched days after the Netflix deal was unveiled. Including debt, Paramount’s enterprise valuation stands near $108 billion, or $30 per share.
Warner disclosed Tuesday that a Paramount representative separately indicated a willingness to increase the offer to $31 per share “pending engagement.”
