Paramount Skydance has mounted a hostile takeover attempt for Warner Bros. Discovery, offering shareholders $30 per share (valued at $108.4 billion including debt) in all cash after losing a bidding war to Netflix last week. The bid targets WBD’s entire company, including its TV networks. Netflix announced its own $82.7 billion deal on Friday, with plans to spin off linear networks like CNN, TNT, HGTV and Discovery+ into a separate public company. WBD’s board confirmed Monday it will “carefully review and consider” the new proposal and advise stockholders of its recommendation within 10 business days while maintaining its current Netflix agreement. Netflix co-CEOs Ted Sarandos and Greg Peters defended their company’s approach to the deal Monday, contrasting it with Paramount’s plan to save money via mass layoffs. “We’re not cutting jobs. We’re making jobs,” Sarandos said. (Story URL)
