Warner Bros. rejects Paramount's revised bid as risky leveraged buyout

Warner Bros. Discovery's board unanimously rejected Paramount Skydance's revised hostile offer, saying it depended on large debt financing, and reaffirmed its commitment to Netflix's competing proposal.

Warner Bros. Discovery's board has unanimously turned down Paramount Skydance's revised hostile offer. The board said the proposal depended on a large amount of debt financing. It reaffirmed its support for Netflix's competing proposal. Paramount and Netflix are both vying for control of Warner Bros. Known details: - The board voted unanimously to reject Paramount Skydance's revised hostile offer. - Warner Bros. described the proposed deal as relying on an unusually large amount of debt financing and framed it as a leveraged buyout. - The company reiterated its commitment to the competing proposal from Netflix; the next procedural steps are undetermined at this time. Summary: The board's rejection maintains Warner Bros.' alignment with the Netflix proposal and keeps the takeover contest active. Company officials characterized the Paramount plan's financing as increasing the risk of closing. Undetermined at this time.