Paramount launches all-cash tender offer for Warner Bros. Discovery at $30/share, 139% premium

Paramount Skydance Corp

Offer of $30.00 per share all-cash for all WBD shares, representing ~$108.4B enterprise value.
Tender offer expires January 8, 2026; debt commitments of $54B from Bank of America, Citi, and Apollo.
Paramount claims offer provides $18B more cash than Netflix's proposed $27.75/share mix of cash and stock.
Paramount highlights enhanced competition and expeditious regulatory clearance, contrasting with Netflix's anticompetitive risk.
Combined company expects $6+ billion cost synergies and additional $3B standalone efficiencies.

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