Warner Bros. Discovery Says Over 93% of Shareholders Have ‘Rejected Paramount’s Inferior Scheme’ in Favor of Netflix Deal

Warner Bros. Discovery fired back at the latest salvo from David Ellison’s Paramount Skydance, saying that more than 93% of its shareholders have rejected Paramount’s “inferior scheme” in favor of the $83 billion sale of WB to Netflix.

WBD was responding to Paramount’s announcement Thursday that it was extending its hostile takeover offer of $30/share in cash to Warner Bros. Discovery shareholders until Feb. 20. Paramount filed to solicit WBD stockholders to vote against the Netflix deal at a special meeting of Warner Bros. Discovery shareholders, expected to happen in April.

In a statement, Warner Bros. Discovery said: “Once again, Paramount continues to make the same offer our Board has repeatedly and unanimously rejected in favor of a superior merger agreement with Netflix. It’s also clear our shareholders agree, with more than 93% also rejecting Paramount’s inferior scheme. We are confident in our ability to achieve regulatory approval for the Netflix merger and look forward to delivering the tremendous and certain value our agreement will provide to Warner Bros. Discovery shareholders.”

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