Warner Bros. Discovery Rejects Skydance Hostile Takeover Bid
Board Deems Offer "Inferior" to Current Netflix Partnership
The board of directors at Warner Bros. Discovery has officially rejected a hostile takeover bid from David Ellison’s Skydance Media. The offer, valued at $30 per share, was dismissed as "inferior" to the company's existing strategic partnership with streaming giant Netflix.
Board Cites Significant Risks in Proposed Deal
In a move to reassure shareholders, the board outlined its reasons for rejecting the proposal. The primary concern centered on the "numerous significant risks and costs" the Skydance bid would impose on Warner Bros. Discovery. The board concluded that the unsolicited offer was not in the best interest of the company or its investors.
Commitment to Current Strategy Amid Acquisition Interest
This rejection signals the board's firm commitment to its current strategic path, which includes a lucrative content licensing agreement with Netflix. The decision underscores confidence that this existing partnership offers greater value and stability than the proposed acquisition by Skydance Media.
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