Paramount’s revised proposal was described as “necessary, but not sufficient.”
Paramount adjusted its takeover offer for Warner Bros. Discovery, but failed to convince key stakeholders. The revised offer included a $40.4 billion personal equity financing guarantee backed by Larry Ellison.
The company also increased its breakup fee to $5.8 billion and proposed greater interim financial flexibility. Despite the updates, the core offer remained the same at $30 per WBD share in cash.
Netflix remains in the lead after winning the initial bidding round. Reports suggest that shareholders at WBD will not take immediate action regarding the revised offer. The company might need to revise its bid again if it hopes to prevail.
