Paramount has launched a $108bn hostile bid to buy Warner Bros Discovery, partnering with Middle East sovereign wealth funds and Donald Trump’s son-in-law Jared Kushner to derail Netflix’s agreed deal.
The all-cash offer for the whole of WBD, including its studio, streaming and cable businesses, values the media group at $30 a share. Paramount said it was offering $18bn more in cash, with chief executive David Ellison criticising Netflix’s “inferior proposal”.
The Ellison family and RedBird Capital had committed to backstop the entire $40.7bn of equity capital required for the deal, Paramount said, adding that financing would also come from Saudi Arabia, Abu Dhabi and Qatar sovereign wealth funds as well as from Kushner’s Affinity Partners.
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