Paramount Responds to Warner Bros. Discovery Announcements
Paramount Skydance Corporation has reacted to Warner Bros. Discovery's disclosures about a seven-day negotiation period granted jointly with Netflix. In this statement, Paramount clarifies its position regarding the developments of the case and reaffirms its strategic approach.
Paramount's Reaction to Negotiation Delay
Paramount acknowledges that Warner Bros. Discovery and Netflix have decided to grant it a seven-day negotiation period. Paramount emphasizes that the WBD board of directors chose not to perform the usual determination provided by the merger agreement with Netflix, which could have confirmed that Paramount's offer 'could reasonably be expected to' constitute a superior proposal. Paramount reminds that its offer represents a higher value and is distinguished by its all-cash nature, as well as by the previously announced addition of a ticking fee of $0.25 per share per quarter. The WBD board has also decided to convene an extraordinary general meeting on March 20 to approve the merger with Netflix, with the compensation range offered to shareholders varying from a minimum to a maximum.
Paramount's Strategic Moves
Paramount states it is prepared to engage in constructive and good faith discussions. Concurrently, the company intends to continue its public tender offer, maintain its solicitation in opposition to the merger with Netflix, and proceed with the nomination of a list of candidates for director positions at the WBD annual general meeting. Paramount calls on WBD shareholders to express their preference for its offer by accepting its shares now.
