Paramount Skydance Launches Hostile Bid For WBD After Netflix Wins Bidding War

Paramount Skydance is launching a hostile bid to buy Warner Bros. Discovery after it lost out to Netflix in a months-long bidding war for the legacy assets, the company said Monday. CNBC: Paramount will go straight to WBD shareholders with an all-cash, $30-per-share offer. That's the same bid WBD rejected last week, according to people familiar with the bid who asked not to be named because the details were private. The offer is backstopped with equity financing from the Ellison family and the private-equity firm RedBird Capital and $54 billion of debt commitments from Bank of America, Citi and Apollo Global Management.

'We're really here to finish what we started,' Ellison told CNBC's 'Squawk on the Street' Monday. 'We put the company in play.' On Friday, Netflix announced a deal to acquire WBD's studio and streaming assets for $72 billion. David Ellison-run Paramount had been bidding for the entirety of Warner Bros. Discovery, including those assets and the company's TV networks like CNN and TNT Sports.

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