Jan 7 (Reuters) – Warner Bros Discovery said on Wednesday its board rejected a revised bid from Paramount Skydance, calling it a risky leveraged buyout that posed significant risks, and reaffirmed its support for Netflix’s proposal to buy some of its assets.
In an amended securities filing accompanied by a letter to shareholders urging them to reject Paramount’s $108.4 billion hostile bid, Warner Bros cited concerns about its adequacy and the likelihood of deal completion.
The board’s recommendation remained the same as its previous view on December 17, though it raised fresh concerns about Paramount’s revised offer.
(Compiled by Sayantani Ghosh in San Francisco and Dawn Chmielewski in Los Angeles; Editing by Jamie Freed)
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