Warner Bros rejects Paramount takeover again and tells shareholders to stick with Netflix bid
By WYATTE GRANTHAM-PHILIPS and MICHELLE CHAPMAN, Associated Press
NEW YORK (AP) — Warner Bros. again rejected a takeover bid from Paramount and told shareholders Wednesday to stick with a rival offer from Netflix.
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Warner’s leadership has repeatedly rebuffed Skydance-owned Paramount’s overtures — and urged shareholders just weeks ago to back its the sale of its streaming and studio business to Netflix for $72 billion. Paramount, meanwhile, has made efforts to sweeten its $77.9 billion hostile offer for the entire company.
Warner Bros. Discovery said Wednesday that its board determined Paramount’s offer is not in the best interests of the company or its shareholders. It again recommended shareholders support the Netflix deal.
FILE – This photo released by the National Transportation Safety Board shows the door plug that fell from Alaska Airlines Flight 1282 on Jan. 8, 2024, in Portland, Ore. (National Transportation Safety Board via AP, file)
File – A door plug area of an Alaska Airlines Boeing 737 Max 9 aircraft awaiting inspection is pictured with paneling removed at the airline’s facilities at Seattle-Tacoma International Airport on Jan. 10, 2024, in SeaTac, Wash. (AP Photo/Lindsey Wasson, File)
FILE – The door plug from the Alaska Airlines Flight 1282’s Boeing 737-9 MAX airplane is shown at the National Transportation Safety Board laboratory, in Washington, July 30, 2024. (AP Photo/Manuel Balce Ceneta, File)