The battle for Warner Bros. Discovery spilled onto pages full of revelations big and small Wednesday, as the media giant defended the process of selecting Netflix as the winner in its auction. Company disclosures and a letter to shareholders from the board of directors explained the reasoning behind discarding Paramount as well as Comcast and offers from two unidentified parties. Among the reasons listed for rebuffing David Ellison: an incendiary and, it seems, unfortunately timed letter from Paramount’s l ...

Key Points Warner Bros. Discovery recommended that shareholders reject Paramount's tender offer. WBD said that the non-binding offer could be terminated at any time. Paramount gave a full-throated response. 10 stocks we like better than Warner Bros. Discovery › Paramount Skydance's (NASDAQ: PSKY) last-ditch bid to win the bidding war for Warner Bros. Discovery (NASDAQ: WBD) took a step backward on Wednesday after WBD recommended that its shareholders reject Paramount's tender offer, or the hostile ...

Warner Bros. Discovery disclosed Zaslav would receive more than $500 million in equity if Netflix’s bid closes.Warner Bros. Discovery CEO David Zaslav was offered a compensation package of “several hundred million dollars” if Paramount’s hostile takeover of the company was completed, according to a regulatory filing Wednesday, though he stands to earn just as much if a Netflix deal is approved.According to a Securities and Exchange Commission filing, Zaslav told Warner Bros. Discovery’s board on Sept. 25 th ...

Paramount on Wednesday reaffirmed its $108 billion hostile takeover bid for Warner Bros. Discovery, which earlier insisted its shareholders reject the proposal in favor of Netflix.In a letter to shareholders, Warner Bros. Discovery said the David Ellison-led hostile offer was “inferior” to Netflix’s offer valuing its studio and streaming businesses at $27.75 per share.In the three-page letter, Warner Bros. Discovery chair Samuel DiPiazza said the board conducted another review of Paramount’s latest offer an ...

收购要约与竞争格局 - 派拉蒙环球对华纳兄弟探索公司发起敌意收购 要约价值780亿美元 合每股30美元全现金收购整个WBD资产组合 [1][7][11] - 流媒体巨头奈飞提出竞争性收购要约 对WBD的估值为827亿美元 合每股27.75美元 [7] - WBD董事会一致建议股东拒绝派拉蒙的收购要约 认为其价值不足且给股东带来重大风险和成本 [1][5] 关键参与方动态与立场 - 贾里德·库什纳的私募股权公司Affinity Partners决定退出作为派拉蒙收购案的合作伙伴 此前其承诺投入2亿美元资金 [1][2][4] - WBD首席执行官大卫·扎斯拉夫长期以来更倾向于奈飞的收购要约 [11][18] - 派拉蒙首席执行官大卫·埃里森领导的敌意收购尝试似乎已告失败 [17] 交易条款与融资结构争议 - 派拉蒙声称其要约能为股东提供更快、更清晰的价值 而奈飞的交易面临监管延迟和复杂的融资问题 [16] - 派拉蒙表示已从美国银行、阿波罗、拉里·埃里森及海湾国家主权财富基金获得融资安排 [16] - WBD和奈飞反驳称 派拉蒙的融资依赖于与拉里·埃里森甲骨文股票挂钩的可撤销信托 该股票在科技股抛售中大幅贬值 且埃里森家族未就潜在融资缺口提供坚定担保 [19] - 大卫·埃里森、拉里·埃里森和RedBird Capital计划告知股东 若在1月8日截止日前有足够投资者接受要约 他们将最终承担与奈飞交易相关的28亿美元分手费 [15] 战略论述与监管预期 - 派拉蒙继续向股东游说 其780亿美元的要约优于WBD与奈飞达成的协议 [12] - 奈飞联合首席执行官泰德·萨兰多斯表示 董事会确认奈飞的交易更优且符合股东最佳利益 [19] - 奈飞联合首席执行官对股东表示 有信心在12至18个月内获得监管批准并完成交易 称此交易对消费者、创作者、股东及更广泛的娱乐行业是最佳结果 [19]

华纳兄弟探索公司董事会回应派拉蒙收购要约 - 华纳兄弟探索公司董事会一致建议股东拒绝派拉蒙Skydance的收购要约 认为其价值不足且充满风险 同时全力支持与Netflix的拟议合并 [1] - 董事会声明称 派拉蒙Skydance的要约未能达到合并协议中“更优提案”的标准 且可随时“被终止或修改” 这给投资者带来了难以承受的下行风险 [1] 对派拉蒙收购要约的具体评估 - 董事会经过仔细评估后得出结论 该要约价值不足 且给公司股东带来了重大风险和成本 [2] - 董事会指出 Ellison家族未为该要约提供“股权支持” 即对任何潜在融资崩溃进行补偿的坚定担保 [3] - 董事会认为 在监管风险方面 派拉蒙的要约与Netflix的交易没有实质性差异 [3] 公司对股东的正式建议与行动 - 公司已将决策详情提交至美国证券交易委员会的Schedule 14D-9文件 并敦促股东支持与Netflix的交易 认为这是“更具确定性的价值”前进道路 [5] - 董事会要求股东接受与Netflix的合并 [6]

收购要约与公司立场 - 华纳兄弟探索公司董事会认为派拉蒙提出的1084亿美元敌意收购要约价值不足且强加重大风险与成本于股东 建议股东予以拒绝 [1][4] - 公司强调其与网飞达成的827亿美元交易能为股东提供更优且更确定的价值 该交易涉及出售其电影制片厂 HBO有线电视网络及流媒体服务 [1][4][5] - 公司指责派拉蒙在融资安排上持续误导投资者 声称其要约拥有埃里森家族的“完全担保” 但实际上依赖于一个未知且不透明的可撤销信托 该提议是虚幻的 [3][6] 竞购方行动与融资情况 - 派拉蒙在网飞交易公布前曾私下竞购华纳兄弟探索 随后迅速提出全现金要约并誓言直接诉诸股东 其要约针对包括CNN在内的整个公司 [2] - 监管文件显示派拉蒙的收购提案由外部资金支持 包括由贾里德·库什纳创立的Affinity Partners 沙特阿拉伯公共投资基金及卡塔尔投资局 [5] - 库什纳的Affinity Partners已在此过程中退出 [6] 监管与交易风险 - 华纳兄弟探索否认监管机构更可能批准派拉蒙的要约而非其与网飞的交易 [7] - 公司警告若接受派拉蒙要约将产生重大额外成本 包括需向网飞支付28亿美元的终止费 [7] - 美国总统特朗普表示计划参与决定任何交易能否获得监管批准 并明确将CNN的未来视为关键因素 他上周称CNN应该被出售 [7][8]

Jared Kushner’s Affinity Partners is exiting the takeover battle for Warner Bros. Discovery Inc. in a political and financial blow to a foundering hostile takeover bid for the fabled studio. The private equity firm withdrew its backing of Paramount Skydance Corp.’s proposal to buy Warner Bros., which the studio plans to reject. Most Read from Bloomberg Paramount is seeking to scupper Netflix Inc.’s $82.7 billion deal for Warner Bros. in a bidding war that stands to reshape the entertainment industry, w ...

Warner Bros. Discovery Inc. is likely to turn down Paramount Skydance Corp.’s hostile takeover bid worth $108.4 billion, Bloomberg and Reuters reported quoting people familiar with the matter.According to the Bloomberg report, the latest twist in the race for acquiring the production house comes amid Warner Bros Discovery's concerns regarding financing and other such terms.The board of Warner Bros Discovery is likely to reject the offer by Paramount Skydance as early as Wednesday and may ask shareholders to ...

交易动态 - 由贾里德·库什纳创立的Affinity Partners已决定不再参与支持派拉蒙对华纳兄弟探索公司的敌意收购要约 [1][2] - 派拉蒙上周发起的收购要约由埃里森家族和RedBird Capital支持 外部资助者还包括沙特公共投资基金和卡塔尔投资局 [3] - 外部资助者已同意放弃与其股权投资相关的治理权 [3] 交易结构 - 派拉蒙对华纳兄弟探索公司的整体收购要约估值为1084亿美元 [5] - 华纳兄弟探索公司已与Netflix达成协议 Netflix将收购其电影电视工作室 HBO和流媒体资产 有线电视频道将被分拆为独立实体 [5] - 华纳兄弟探索公司董事会正在权衡派拉蒙的最新报价 [5] 交易背景与影响 - 库什纳的参与迅速引起了媒体和美国国会民主党人的关注 他们对其与唐纳德·特朗普的关系表示担忧 [4] - 美国总统表示将参与任何华纳兄弟探索公司交易的政府审批过程 [4] - Affinity Partners在声明中表示 鉴于有两个强大的竞标者争夺这一独特的美国资产 公司决定不再寻求此机会 但仍认为派拉蒙的报价具有强大的战略依据 [2]