Paramount Skydance has escalated Hollywood’s biggest corporate drama with a hostile, all-cash tender offer to buy all of Warner Bros. Discovery for $30 per share , turning a boardroom auction into a straight fight for shareholders’ support. The move directly challenges Warner’s previously announced agreement for Netflix to acquire “most of Warner” in a cash-and-stock transaction priced at $27.75 per share and expected to face a lengthy antitrust review. As Matt Levine summarized, the tender was “ scheduled to expire on Jan. 8 ” and was launched to reach Warner’s owners before any shareholder vote on the Netflix pact can occur. He also noted the Netflix consideration “ about $27.75 per share in cash and stock ,” with a small stub left behind for current investors.

Paramount’s terms

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