Posted in: Movies, Netflix, Paramount+, TV | Tagged: netflix, paramount skydance, warner bros discovery

Warner Bros: 93% of Shareholders Reject Paramount's "Inferior Scheme"

As Paramount Skydance extends its deadline, Warner Bros. Discovery says 93% of its shareholders have rejected Paramount's hostile bid offer.

Earlier this week, Netflix and Warner Bros. Discovery announced that the streamer has adjusted its agreement for Warner Bros. Discovery's studios and streaming service to an all-cash deal. Though the offer is still set at $82.7 billion ($27.75 per share), the $4.50-per-share Netflix stock component was removed, with the amended deal now tied directly to the successful spinoff of Discovery Global (CNN, TNT, Food Network, and other cable networks) and additional approvals. The news came as David Ellison's Paramount Skydance continued its efforts to block the Netflix/Warner Bros. Discovery deal and take its hostile offer directly to shareholders. Earlier this month, Paramount Skydance filed a court action to force Warner Bros. Discovery to reveal the source of funding for Netflix's offer, a move that would lead to Netflix's all-cash shift. In addition, Ellison's company announced that it would back a slate of directors to challenge the WBD board at WBD's next shareholders' meeting. Earlier today, we had two new developments to pass along regarding Ellison's efforts to make his case to WBD's shareholders.

Paramount Skydance Extends Hostile Bid Deadline for Warner Bros. Discovery Shareholders: Originally set for this past Wednesday, Paramount Skydance filed an extension with the SEC to February 20th. The move comes as Ellison and reps from Paramount Global continue to speak with investors, as well as reps from the global theater industry, over the past several weeks.

Warner Bros. Discovery: "93%" of Shareholders Rejected Paramount Skydance's "Inferior Scheme": In a statement responding to Paramount Skydance extending the deadline, WBD is claiming that the vast majority of its shareholders have passed on what Ellison is selling. "Once again, Paramount continues to make the same offer our Board has repeatedly and unanimously rejected in favor of a superior merger agreement with Netflix. It's also clear our shareholders agree, with more than 93% also rejecting Paramount's inferior scheme. We are confident in our ability to achieve regulatory approval for the Netflix merger and look forward to delivering the tremendous and certain value our agreement will provide to Warner Bros. Discovery shareholders," read the statement.

Enjoyed this? Please share on social media!

Stay up-to-date and support the site by following Bleeding Cool on Google News today!