Warner Bros Discovery Seeking Sale of Company Update – WBD Responds to Paramount’s Lawsuit to Halt Netflix’s Acquisition Deal

As noted before, Warner Bros Discovery has been seeking a sale of their company since this past October and announced this past December that Netflix had the winning bid for it. Netflix officially announced their acquisition deal for WBD this past December while Paramount Skydance launched a hostile takeover bid afterwards to acquire WBD in response and later amended their “superior” bid. Paramount recently filed a lawsuit against WBD over issues with WBD repeatedly asking their shareholders to reject Paramount’s bids and accept Netflix’s bid. WBD is the current media broadcast partner of AEW.

Deadline reported that WBD issued an official statement regarding Paramount’s lawsuit against them and claimed that Paramount “is seeking to distract with a meritless lawsuit and attacks on a board that has delivered an unprecedented amount of shareholder value.”

WBD also reaffirmed their Board’s commitment to unanimously reject Paramount’s bids and claimed Netflix’s bid is the actual superior bid of the two.

WBD’s official statement:

“Despite six weeks and just as many press releases from Paramount Skydance, it has yet to raise the price or address the numerous and obvious deficiencies of its offer.  Instead, Paramount Skydance is seeking to distract with a meritless lawsuit and attacks on a board that has delivered an unprecedented amount of shareholder value. In spite of its multiple opportunities, Paramount Skydance continues to propose a transaction that our board unanimously concluded is not superior to the merger agreement with Netflix.”