Leadership at Warner Bros. Discovery (NASDAQ:WBD) intends to formally advise stock owners to turn down the recent bid from Paramount Skydance Corp. (NASDAQ:PSKY).
- WBD stock is moving. See the chart and price action here.
The announcement, expected as early as Wednesday, will instead urge stakeholders to stick with the standing agreement established with Netflix Corp. (NASDAQ:NFLX), according to the Wall Street Journal.
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The move would place the burden on Paramount CEO David Ellison to decide if a more lucrative proposal is necessary.
The competing structures are distinct: Netflix has committed to a value of $27.75 per share — using a mix of cash and equity — specifically to acquire the HBO Max streaming arm and production lots.
Paramount's proposal, on the other hand, lists a $30 cash price for every share to purchase the total enterprise.
Because the expiration date for Paramount's tender offer is Jan. 8, the bidder might delay revealing any improved terms until that deadline approaches.
Warner Bros' stock was down slightly following the report. Netflix and Paramount Skydance shares were both mostly flat in Tuesday's extended trading.
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