Paramount launched a hostile takeover offer for Warner Bros. Discovery Monday, taking its case for acquiring the storied entertainment company directly to shareholders just days after Warner agreed to a deal with Netflix.
Paramount, run by David Ellison, is arguing that its all-cash $30-a-share offer for all of Warner, owner of networks such as CNN, TBS and HGTV as well as the HBO Max streaming service, is a better deal for shareholders and more likely to pass regulatory muster. Paramount said its offer “provides shareholders $18 billion more in cash than the Netflix consideration.”
“We’re really here to finish what we started,” Ellison said on CNBC Monday morning.
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