Paramount today announced it has commenced an all-cash tender offer to acquire all of the outstanding shares of Warner Bros. Discovery for $30 per share in cash, a deal equates to an enterprise value of $108.4 billion.

“The Paramount offer for the entirety of WBD provides shareholders $18 billion more in

cash than the Netflix consideration. WBD’s Board of Directors recommendation of the

Netflix transaction over Paramount’s offer is based on an illusory prospective valuation of

Global Networks that is unsupported by the business fundamentals,” the company said.

The move follows a contentious auction that saw WBD reject successive bids from the David Ellison company and, last Friday, announce a $72-billion deal to sell the Warner Bros. assets to Netflix for $27.75 a share in cash and s

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