Paramount Skydance (PSKY) is questioning the fairness of Warner Bros. Discovery’s (WBD) sale process and whether the company is acting in the best interest of shareholders, Julia Boorstin, Lillian Rizzo and Alex Sherman of CNBC report, citing a letter reviewed by CNBC. Paramount attorneys told Warner CEO David Zaslav that Paramount was questioning the “fairness and adequacy” of the sale process, CNBC reports. Paramount’s letter calls out reports that Warner management appears to favor Netflix’s (NFLX) offer, the website adds. Netflix has made an offer of mostly cash, and all three Warner suitors submitted higher bids than their initial offers, people close to the matter told CNBC.
TipRanks Cyber Monday Sale
- Claim 60% off TipRanks Premium for data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PSKY:
- Netflix in lead on Warner Bros. Discovery bid, CNBC reports
- Burger King teams up with The SpongeBob Movie for new menu
- WBD Bid War Heats Up: Paramount Optimistic about Winning, Raises Breakup Fee to $5B
- Paramount boosts breakup fee in Warner Bros. offer to $5B, Bloomberg says
- Amazon says Prime Video now offers access to dedicated news networks