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Warner Bros Discovery is likely to turn down Paramount Skydance’s amended $108.4 billion hostile takeover offer, despite a personal guarantee from billionaire Larry Ellison backing the bid, according to a person familiar with the matter, a Reuters report has stated.
While the board has not taken a final call, it is expected to meet next week to deliberate on the proposal, the source said, requesting anonymity due to the sensitivity of internal discussions.
According to the Reuters report, the development suggests Warner Bros Discovery may continue on its current path, including pursuing a rival cash-and-stock deal with Netflix, even as Paramount Skydance attempted to strengthen its offer. Both Warner Bros and Paramount declined to comment on the board’s position, which was earlier reported by CNBC.
Paramount Skydance, led by David Ellison as chairman and CEO, sought to address concerns surrounding its earlier proposal by offering a personal equity guarantee from Larry Ellison. However, the company did not increase its $30-per-share all-cash offer. Instead, it raised the regulatory reverse termination fee to match Netflix’s and extended the tender offer deadline in an effort to make the bid more attractive.
Despite the higher headline value, analysts have pointed out that Netflix’s $82.7 billion offer presents a clearer financing structure and carries fewer execution risks. Under the terms of the Netflix agreement, Warner Bros Discovery would be liable to pay a $2.8 billion breakup fee if it decides to walk away from that deal.
Paramount has maintained that its proposal would encounter fewer regulatory hurdles, arguing that a combined Paramount-Warner Bros entity would create a studio larger than Disney while bringing together two major television operators.
However, Warner Bros Discovery’s board had earlier urged shareholders to reject Paramount’s $108.4 billion offer for the entire company, including its cable television assets, citing uncertainty over financing and the lack of a comprehensive guarantee from the Ellison family at the time.
