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By Dawn Chmielewski and Milana Vinn LOS ANGELES, Dec 17 (Reuters) – Warner Bros Discovery's board spurned Paramount Skydance's $108.4 billion hostile takeover bid on Wednesday, calling the offer "illusory" as it accused the studio giant of misleading shareholders about its financing. Paramount has been in a race with Netflix to win control of Warner Bros, and with it, its prized film and television studios, HBO Max streaming service and franchises like "Harry Potter." After Warner Bros accepted the streaming giant's offer, Paramount launched a hostile offer to outdo that bid. In a letter to shareholders on Wednesday, the Warner Bros board wrote that Paramount had "consistently misled" Warner Bros shareholders that its $30-per-share cash offer was fully guaranteed, or "backstopped," by the Ellison family, led by billionaire and Oracle co-founder Larry Ellison.  "It does not, and never has," the board wrote of the guarantee of Paramount's offer, noting that the offer posed "numerous, significant risks." The board said it found Paramount's offer "inferior" to the merger agreement with Netflix. Netflix's $27.75 per share offer for Warner Bros' unit is a binding agreement that requires no equity financing and has robust debt commitments, the board wrote. The board also said the offer could be terminated or amended at any time prior to the deal's completion, which is not the same as a binding merger agreement. Warner Bros has not yet set a date for a shareholder vote on the deal but it is expected to happen sometime in spring or early summer, its Chairman Samuel Di Piazza said in an interview with CNBC. The Ellisons have cited their relationship with U.S. President Donald Trump as a reason why the deal would face an easier regulatory path. NETFLIX WELCOMES MOVE Paramount did not immediately respond to a Reuters request for comment, while Netflix welcomed the move.  "The Warner Bros Discovery Board reinforced that Netflix's merger agreement is superior and that our acquisition is in the best interest of stockholders," its co-CEO Ted Sarandos, said in a statement.  Netflix is already talking with the U.S. Department of Justice and the European Commission, its other co-CEO Greg Peters told CNBC, while expressing confidence in how regulators would view the deal. Warner Bros shares were down 1.2% at $28.5 in early trading, while Netflix gained 2.5% and Paramount fell 4.8%. Netflix has told Warner Bros it would keep releasing the studio's films in cinemas in a bid to ease fears that its deal would eliminate another studio and major source of theatrical films, according to people familiar with the matter.  Paramount last week took its case directly to Warner Bros shareholders, arguing it has arranged "air-tight financing" to support its bid, with $41 billion in new equity assured by the Ellison family and RedBird Capital, and $54 billion of debt commitments from Bank of America, Citi and Apollo. Warner Bros board countered that Paramount's latest offer includes an equity commitment "for which there is no Ellison family commitment of any kind," but rather the backing of "an unknown and opaque" Lawrence J. Ellison Revocable Trust, whose assets and liabilities are not publicly disclosed and are subject to change. "Despite having been told repeatedly by WBD how important a full and unconditional financing commitment from the Ellison family was…the Ellison family has chosen not to backstop the PSKY offer," the Warner Bros board wrote. "A revocable trust is no replacement for a secured commitment by a controlling shareholder." WARNER BROS QUESTIONS PARAMOUNT'S CREDITWORTHINESS Paramount has submitted a total of six bids to acquire the entire Warner Bros studio, including its television networks, including CNN and TNT Sports.  It has previously said the Ellison family trust – which Paramount says contains more than $250 billion in assets including about 1.16 billion shares of Oracle – is more than adequate to cover the equity commitment.  Warner Bros has raised questions about Paramount's financial condition and creditworthiness. The offer relies on a seven-party, cross-conditional structure, with the Ellison Revocable Trust providing just 32% of the required equity commitment while capping its liability at $2.8 billion, Warner Bros said. It noted that the trust's assets could be withdrawn at any time.  "The PSKY offer provides an untenable degree of risk and potential downside for WBD shareholders," the board wrote. CONCERNS ABOUT PARAMOUNT'S DEBT LEVELS  The Warner Bros board noted that Netflix has an investment-grade rating and a market value exceeding $400 billion.  Paramount, in contrast, has a $15 billion market capitalization and a credit rating "a notch above 'junk,' Warner Bros said on Wednesday. A combination would leave Paramount with a debt ratio of 6.8 times its operating income "with virtually no current free cash flow." The bidder would also impose what Warner Bros said would be "onerous operating restrictions" on the company, during the potentially lengthy period between signing and closing, including limits on new content licensing deals. Paramount's plan to achieve $9 billion in "synergies" across the two studios was described as "ambitious" from an operational standpoint, the Warner Bros board noted, and would represent a new round of job losses that "would make Hollywood weaker, not stronger." Warner Bros Discovery's board dismissed Paramount's charges of unfairness – set forth in a filing by Paramount last week – saying it held dozens of calls and meetings with the studio's principals and advisors, including four in-person meetings and meals with CEO David Zaslav and Paramount CEO David Ellison, or his father, Larry Ellison. "After each bid, we informed PSKY of the material deficiencies and offered potential solutions," the Warner Bros board wrote. "Despite this feedback, PSKY has never submitted a proposal that is superior to the Netflix merger agreement." ​ (Dawn Chmielewski reported from Los Angeles, Milana Vinn reported from New York, additional reporting by Aditya Soni; Editing by Sayantani Ghosh, Raju Gopalakrishnan and Arun Koyyur)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Dawn Chmielewski and Milana Vinn LOS ANGELES, Dec 17 (Reuters) – Warner Bros Discovery's board spurned Paramount Skydance's $108.4 billion hostile takeover bid on Wednesday, calling the offer "illusory" as it accused the studio giant of misleading shareholders about its financing. Paramount has been in a race with Netflix to win control of Warner Bros, and with it, its prized film and television studios, HBO Max streaming service and franchises like "Harry Potter." After Warner Bros accepted the streaming giant's offer, Paramount launched a hostile offer to outdo that bid. In a letter to shareholders on Wednesday, the Warner Bros board wrote that Paramount had "consistently misled" Warner Bros shareholders that its $30-per-share cash offer was fully guaranteed, or "backstopped," by the Ellison family, led by billionaire and Oracle co-founder Larry Ellison.  "It does not, and never has," the board wrote of the guarantee of Paramount's offer, noting that the offer posed "numerous, significant risks." The board said it found Paramount's offer "inferior" to the merger agreement with Netflix. Netflix's $27.75 per share offer for Warner Bros' unit is a binding agreement that requires no equity financing and has robust debt commitments, the board wrote. The board also said the offer could be terminated or amended at any time prior to the deal's completion, which is not the same as a binding merger agreement. Warner Bros has not yet set a date for a shareholder vote on the deal but it is expected to happen sometime in spring or early summer, its Chairman Samuel Di Piazza said in an interview with CNBC. The Ellisons have cited their relationship with U.S. President Donald Trump as a reason why the deal would face an easier regulatory path. NETFLIX WELCOMES MOVE Paramount did not immediately respond to a Reuters request for comment, while Netflix welcomed the move.  "The Warner Bros Discovery Board reinforced that Netflix's merger agreement is superior and that our acquisition is in the best interest of stockholders," its co-CEO Ted Sarandos, said in a statement.  Netflix is already talking with the U.S. Department of Justice and the European Commission, its other co-CEO Greg Peters told CNBC, while expressing confidence in how regulators would view the deal. Warner Bros shares were down 1.2% at $28.5 in early trading, while Netflix gained 2.5% and Paramount fell 4.8%. Netflix has told Warner Bros it would keep releasing the studio's films in cinemas in a bid to ease fears that its deal would eliminate another studio and major source of theatrical films, according to people familiar with the matter.  Paramount last week took its case directly to Warner Bros shareholders, arguing it has arranged "air-tight financing" to support its bid, with $41 billion in new equity assured by the Ellison family and RedBird Capital, and $54 billion of debt commitments from Bank of America, Citi and Apollo. Warner Bros board countered that Paramount's latest offer includes an equity commitment "for which there is no Ellison family commitment of any kind," but rather the backing of "an unknown and opaque" Lawrence J. Ellison Revocable Trust, whose assets and liabilities are not publicly disclosed and are subject to change. "Despite having been told repeatedly by WBD how important a full and unconditional financing commitment from the Ellison family was…the Ellison family has chosen not to backstop the PSKY offer," the Warner Bros board wrote. "A revocable trust is no replacement for a secured commitment by a controlling shareholder." WARNER BROS QUESTIONS PARAMOUNT'S CREDITWORTHINESS Paramount has submitted a total of six bids to acquire the entire Warner Bros studio, including its television networks, including CNN and TNT Sports.  It has previously said the Ellison family trust – which Paramount says contains more than $250 billion in assets including about 1.16 billion shares of Oracle – is more than adequate to cover the equity commitment.  Warner Bros has raised questions about Paramount's financial condition and creditworthiness. The offer relies on a seven-party, cross-conditional structure, with the Ellison Revocable Trust providing just 32% of the required equity commitment while capping its liability at $2.8 billion, Warner Bros said. It noted that the trust's assets could be withdrawn at any time.  "The PSKY offer provides an untenable degree of risk and potential downside for WBD shareholders," the board wrote. CONCERNS ABOUT PARAMOUNT'S DEBT LEVELS  The Warner Bros board noted that Netflix has an investment-grade rating and a market value exceeding $400 billion.  Paramount, in contrast, has a $15 billion market capitalization and a credit rating "a notch above 'junk,' Warner Bros said on Wednesday. A combination would leave Paramount with a debt ratio of 6.8 times its operating income "with virtually no current free cash flow." The bidder would also impose what Warner Bros said would be "onerous operating restrictions" on the company, during the potentially lengthy period between signing and closing, including limits on new content licensing deals. Paramount's plan to achieve $9 billion in "synergies" across the two studios was described as "ambitious" from an operational standpoint, the Warner Bros board noted, and would represent a new round of job losses that "would make Hollywood weaker, not stronger." Warner Bros Discovery's board dismissed Paramount's charges of unfairness – set forth in a filing by Paramount last week – saying it held dozens of calls and meetings with the studio's principals and advisors, including four in-person meetings and meals with CEO David Zaslav and Paramount CEO David Ellison, or his father, Larry Ellison. "After each bid, we informed PSKY of the material deficiencies and offered potential solutions," the Warner Bros board wrote. "Despite this feedback, PSKY has never submitted a proposal that is superior to the Netflix merger agreement." ​ (Dawn Chmielewski reported from Los Angeles, Milana Vinn reported from New York, additional reporting by Aditya Soni; Editing by Sayantani Ghosh, Raju Gopalakrishnan and Arun Koyyur)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Dawn Chmielewski and Milana Vinn LOS ANGELES, Dec 17 (Reuters) – Warner Bros Discovery's board spurned Paramount Skydance's $108.4 billion hostile takeover bid on Wednesday, calling the offer "illusory" as it accused the studio giant of misleading shareholders about its financing. Paramount has been in a race with Netflix to win control of Warner Bros, and with it, its prized film and television studios, HBO Max streaming service and franchises like "Harry Potter." After Warner Bros accepted the streaming giant's offer, Paramount launched a hostile offer to outdo that bid. In a letter to shareholders on Wednesday, the Warner Bros board wrote that Paramount had "consistently misled" Warner Bros shareholders that its $30-per-share cash offer was fully guaranteed, or "backstopped," by the Ellison family, led by billionaire and Oracle co-founder Larry Ellison.  "It does not, and never has," the board wrote of the guarantee of Paramount's offer, noting that the offer posed "numerous, significant risks." The board said it found Paramount's offer "inferior" to the merger agreement with Netflix. Netflix's $27.75 per share offer for Warner Bros' unit is a binding agreement that requires no equity financing and has robust debt commitments, the board wrote. The board also said the offer could be terminated or amended at any time prior to the deal's completion, which is not the same as a binding merger agreement. Warner Bros has not yet set a date for a shareholder vote on the deal but it is expected to happen sometime in spring or early summer, its Chairman Samuel Di Piazza said in an interview with CNBC. The Ellisons have cited their relationship with U.S. President Donald Trump as a reason why the deal would face an easier regulatory path. NETFLIX WELCOMES MOVE Paramount did not immediately respond to a Reuters request for comment, while Netflix welcomed the move.  "The Warner Bros Discovery Board reinforced that Netflix's merger agreement is superior and that our acquisition is in the best interest of stockholders," its co-CEO Ted Sarandos, said in a statement.  Netflix is already talking with the U.S. Department of Justice and the European Commission, its other co-CEO Greg Peters told CNBC, while expressing confidence in how regulators would view the deal. Warner Bros shares were down 1.2% at $28.5 in early trading, while Netflix gained 2.5% and Paramount fell 4.8%. Netflix has told Warner Bros it would keep releasing the studio's films in cinemas in a bid to ease fears that its deal would eliminate another studio and major source of theatrical films, according to people familiar with the matter.  Paramount last week took its case directly to Warner Bros shareholders, arguing it has arranged "air-tight financing" to support its bid, with $41 billion in new equity assured by the Ellison family and RedBird Capital, and $54 billion of debt commitments from Bank of America, Citi and Apollo. Warner Bros board countered that Paramount's latest offer includes an equity commitment "for which there is no Ellison family commitment of any kind," but rather the backing of "an unknown and opaque" Lawrence J. Ellison Revocable Trust, whose assets and liabilities are not publicly disclosed and are subject to change. "Despite having been told repeatedly by WBD how important a full and unconditional financing commitment from the Ellison family was…the Ellison family has chosen not to backstop the PSKY offer," the Warner Bros board wrote. "A revocable trust is no replacement for a secured commitment by a controlling shareholder." WARNER BROS QUESTIONS PARAMOUNT'S CREDITWORTHINESS Paramount has submitted a total of six bids to acquire the entire Warner Bros studio, including its television networks, including CNN and TNT Sports.  It has previously said the Ellison family trust – which Paramount says contains more than $250 billion in assets including about 1.16 billion shares of Oracle – is more than adequate to cover the equity commitment.  Warner Bros has raised questions about Paramount's financial condition and creditworthiness. The offer relies on a seven-party, cross-conditional structure, with the Ellison Revocable Trust providing just 32% of the required equity commitment while capping its liability at $2.8 billion, Warner Bros said. It noted that the trust's assets could be withdrawn at any time.  "The PSKY offer provides an untenable degree of risk and potential downside for WBD shareholders," the board wrote. CONCERNS ABOUT PARAMOUNT'S DEBT LEVELS  The Warner Bros board noted that Netflix has an investment-grade rating and a market value exceeding $400 billion.  Paramount, in contrast, has a $15 billion market capitalization and a credit rating "a notch above 'junk,' Warner Bros said on Wednesday. A combination would leave Paramount with a debt ratio of 6.8 times its operating income "with virtually no current free cash flow." The bidder would also impose what Warner Bros said would be "onerous operating restrictions" on the company, during the potentially lengthy period between signing and closing, including limits on new content licensing deals. Paramount's plan to achieve $9 billion in "synergies" across the two studios was described as "ambitious" from an operational standpoint, the Warner Bros board noted, and would represent a new round of job losses that "would make Hollywood weaker, not stronger." Warner Bros Discovery's board dismissed Paramount's charges of unfairness – set forth in a filing by Paramount last week – saying it held dozens of calls and meetings with the studio's principals and advisors, including four in-person meetings and meals with CEO David Zaslav and Paramount CEO David Ellison, or his father, Larry Ellison. "After each bid, we informed PSKY of the material deficiencies and offered potential solutions," the Warner Bros board wrote. "Despite this feedback, PSKY has never submitted a proposal that is superior to the Netflix merger agreement." ​ (Dawn Chmielewski reported from Los Angeles, Milana Vinn reported from New York, additional reporting by Aditya Soni; Editing by Sayantani Ghosh, Raju Gopalakrishnan and Arun Koyyur)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

(Corrects paragraph 2 to say Larry Ellison is co-founder of Oracle, not CEO) By Dawn Chmielewski and Milana Vinn LOS ANGELES, Dec 17 (Reuters) – Warner Bros Discovery's board rejected Paramount Skydance's $108.4 billion hostile bid on Wednesday, saying it failed to provide adequate financing assurances.   In a letter to shareholders, disclosed in a regulatory filing, the board wrote that Paramount had "consistently misled" Warner Bros shareholders that its $30-per-share cash offer was fully guaranteed, or "backstopped," by the Ellison family, led by billionaire and Oracle co-founder Larry Ellison. "It does not, and never has," the board wrote of the guarantee of Paramount's offer, noting that the offer posed "numerous, significant risks." Warner Bros' board also said it found Paramount's offer "inferior" to the merger agreement with Netflix's. The streaming giant's $27.75 per share offer for Warner Bros' film and television studios, its library and the HBO Max streaming service is a binding agreement that requires no equity financing and has robust debt commitments, the board wrote. Paramount last week took its case directly to Warner Bros shareholders, arguing that it has arranged "air-tight financing" to support its bid, with $41 billion in new equity assured by the Ellison family and RedBird Capital, and $54 billion of debt commitments from Bank of America, Citi and Apollo. The Warner Bros Discovery board countered on Wednesday that Paramount's most recent offer includes an equity commitment "for which there is no Ellison family commitment of any kind," but rather the backing of "an unknown and opaque" Lawrence J. Ellison Revocable Trust, whose assets and liabilities are not publicly disclosed and are subject to change. "Despite having been told repeatedly by WBD how important a full and unconditional financing commitment from the Ellison family was…the Ellison family has chosen not to backstop the PSKY offer," the Warner Bros board wrote. "A revocable trust is no replacement for a secured commitment by a controlling shareholder." WARNER BROS QUESTIONS PARAMOUNT'S CREDITWORTHINESS Paramount has submitted a total of six bids to acquire the entire Warner Bros studio, including its television networks, including CNN and TNT Sports.  It has previously said the Ellison family trust – which Paramount says contains more than $250 billion in assets including about 1.16 billion shares of Oracle – is more than adequate to cover the equity commitment. "To suggest that we are not 'good for the money' (or might commit fraud to try to escape our obligations), as certain reports have speculated, is absurd," Paramount wrote in a letter to Warner Bros' shareholders last week. Its debt commitments are not conditioned on Paramount's financial condition, it wrote. Warner Bros, however, pointed in the filing Wednesday to what it described as structural risks in Paramount’s proposed financing, and also raised questions about Paramount's financial condition and creditworthiness. The offer relied on a seven-party, cross-conditional structure, with the Ellison Revocable Trust providing just 32% of the required equity commitment while capping its liability at $2.8 billion, Warner Bros said. It noted that the trust’s assets could be withdrawn at any time.  DEBT LEVELS AFTER DEAL WITH PARAMOUNT WILL BE RISKY Netflix's offer is backed by a public company with a market cap in excess of $400 billion with an investment grade balance sheet, the Warner board noted.  The company has told Warner Bros it would keep releasing the studio's films in cinemas in a bid to ease fears that its deal would eliminate another studio and major source of theatrical films, according to people familiar with the matter.  Paramount, by contrast, has a $15 billion market capitalization and a credit rating "a notch above 'junk,' Warner Bros noted on Wednesday. Should the deal close, Paramount would have a debt ratio of 6.8 times its operating income "with virtually no current free cash flow." The bidder would also impose what Warner Bros said would be "onerous operating restrictions" on the company, during the potentially lengthy period between signing and closing, including limits on new content licensing deals. Paramount's plans to achieve $9 billion in "synergies" across the two studios was described as "ambitious" from an operational standpoint, the Warner Bros board noted, and would represent a new round of job losses that "would make Hollywood weaker, not stronger." Warner Bros Discovery's board dismissed Paramount's charges of unfairness – that had been set forth in a filing by Paramount last week – saying it held "dozens" of calls and meetings with the studio's principals and advisors, including four in-person meetings and meals with CEO David Zaslav and Paramount CEO David Ellison, or his father, Larry Ellison. "After each bid, we informed PSKY of the material deficiencies and offered potential solutions," the Warner Bros board wrote. "Despite this feedback, PSKY has never submitted a proposal that is superior to the Netflix merger agreement." Paramount said it has already applied for regulatory approval in the United States, and has alerted European regulators, shortening the path to regulatory approval.  Warner Bros Discovery's board wrote that it considered the regulatory risks in evaluating the Netflix and Paramount offers, and believes that either transaction would obtain the necessary U.S. and foreign regulatory approvals.   Netflix also offered a $5.8 billion break-up fee that was higher than Paramount's $5 billion break-up fee. The Warner Bros Discovery board also described the Paramount offer as "illusory," adding that it could be terminated or amended at any time prior to the deal's completion, which is not the same as a binding merger agreement. "The PSKY offer provides an untenable degree of risk and potential downside for WBD shareholders," the board wrote. (Dawn Chmielewski reported from Los Angeles, Milana Vinn reported from New York; Editing by Sayantani Ghosh and Raju Gopalakrishnan)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

(Corrects paragraph 2 to say Larry Ellison is co-founder of Oracle, not CEO; the error had appeared in the previous versions of the story) By Dawn Chmielewski and Milana Vinn LOS ANGELES, Dec 17 (Reuters) – Warner Bros Discovery's board rejected Paramount Skydance's $108.4 billion hostile bid on Wednesday, saying it failed to provide adequate financing assurances.   In a letter to shareholders, disclosed in a regulatory filing, the board wrote that Paramount had "consistently misled" Warner Bros shareholders that its $30-per-share cash offer was fully guaranteed, or "backstopped," by the Ellison family, led by billionaire and Oracle co-founder Larry Ellison. "It does not, and never has," the board wrote of the guarantee of Paramount's offer, noting that the offer posed "numerous, significant risks." The board said it found Paramount's offer "inferior" to the merger agreement with Netflix's. Netflix's $27.75 per share offer for Warner Bros' film and television studios, its library and the HBO Max streaming service is a binding agreement that requires no equity financing and has robust debt commitments, the board wrote. Warner Bros has not yet set a date for a shareholder vote on the deal but it is expected to happen sometime in spring or early summer, its Chairman Samuel Di Piazza said in an interview with CNBC. NETFLIX WELCOMES MOVE Paramount did not immediately respond to a Reuters request for comment, while Netflix welcomed the move. "The Warner Bros Discovery Board reinforced that Netflix's merger agreement is superior and that our acquisition is in the best interest of stockholders," its co-CEO Ted Sarandos, said in a statement. Netflix was already engaging with the U.S. Department of Justice and the European Commission, its other co-CEO Greg Peters told CNBC, while expressing confidence that the regulators would view the deal as pro-consumer and pro-growth. Warner Bros shares were down 1.4% at $28.5 in premarket trading, while Netflix gained 1.5% and Paramount fell 1.8%. Paramount last week took its case directly to Warner Bros shareholders, arguing it has arranged "air-tight financing" to support its bid, with $41 billion in new equity assured by the Ellison family and RedBird Capital, and $54 billion of debt commitments from Bank of America, Citi and Apollo. Warner Bros board countered on Wednesday that Paramount's most recent offer includes an equity commitment "for which there is no Ellison family commitment of any kind," but rather the backing of "an unknown and opaque" Lawrence J. Ellison Revocable Trust, whose assets and liabilities are not publicly disclosed and are subject to change. "Despite having been told repeatedly by WBD how important a full and unconditional financing commitment from the Ellison family was…the Ellison family has chosen not to backstop the PSKY offer," the Warner Bros board wrote. "A revocable trust is no replacement for a secured commitment by a controlling shareholder." WARNER BROS QUESTIONS PARAMOUNT'S CREDITWORTHINESS Paramount has submitted a total of six bids to acquire the entire Warner Bros studio, including its television networks, including CNN and TNT Sports.  It has previously said the Ellison family trust – which Paramount says contains more than $250 billion in assets including about 1.16 billion shares of Oracle – is more than adequate to cover the equity commitment. "To suggest that we are not 'good for the money' (or might commit fraud to try to escape our obligations), as certain reports have speculated, is absurd," Paramount wrote in a letter to Warner Bros' shareholders last week. Its debt commitments are not conditioned on Paramount's financial condition, it wrote. Warner Bros, however, pointed in the filing on Wednesday to what it described as structural risks in Paramount's proposed financing, and also raised questions about Paramount's financial condition and creditworthiness. The offer relied on a seven-party, cross-conditional structure, with the Ellison Revocable Trust providing just 32% of the required equity commitment while capping its liability at $2.8 billion, Warner Bros said. It noted that the trust's assets could be withdrawn at any time.  DEBT LEVELS AFTER DEAL WITH PARAMOUNT WILL BE RISKY Netflix's offer is backed by a public company with a market cap in excess of $400 billion with an investment grade balance sheet, the Warner board noted.  The company has told Warner Bros it would keep releasing the studio's films in cinemas in a bid to ease fears that its deal would eliminate another studio and major source of theatrical films, according to people familiar with the matter.  Paramount, in contrast, has a $15 billion market capitalization and a credit rating "a notch above 'junk,' Warner Bros noted on Wednesday. Should the deal close, Paramount would have a debt ratio of 6.8 times its operating income "with virtually no current free cash flow." The bidder would also impose what Warner Bros said would be "onerous operating restrictions" on the company, during the potentially lengthy period between signing and closing, including limits on new content licensing deals. Paramount's plans to achieve $9 billion in "synergies" across the two studios was described as "ambitious" from an operational standpoint, the Warner Bros board noted, and would represent a new round of job losses that "would make Hollywood weaker, not stronger." Warner Bros Discovery's board dismissed Paramount's charges of unfairness – that had been set forth in a filing by Paramount last week – saying it held "dozens" of calls and meetings with the studio's principals and advisors, including four in-person meetings and meals with CEO David Zaslav and Paramount CEO David Ellison, or his father, Larry Ellison. "After each bid, we informed PSKY of the material deficiencies and offered potential solutions," the Warner Bros board wrote. "Despite this feedback, PSKY has never submitted a proposal that is superior to the Netflix merger agreement." Paramount said it has already applied for regulatory approval in the U.S., and has alerted European regulators, shortening the path to regulatory approval.  Warner Bros' board wrote it considered the regulatory risks in evaluating the Netflix and Paramount offers, and believes that either transaction would obtain the necessary U.S. and foreign regulatory approvals.   Netflix also offered a $5.8 billion break-up fee that was higher than Paramount's $5 billion break-up fee. The Warner Bros board also described the Paramount offer as "illusory," adding it could be terminated or amended at any time prior to the deal's completion, which is not the same as a binding merger agreement. "The PSKY offer provides an untenable degree of risk and potential downside for WBD shareholders," the board wrote. ​ (Dawn Chmielewski reported from Los Angeles, Milana Vinn reported from New York, additional reporting by Aditya Soni; Editing by Sayantani Ghosh, Raju Gopalakrishnan and Arun Koyyur)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Dawn Chmielewski and Milana Vinn LOS ANGELES, Dec 17 (Reuters) – Warner Bros Discovery's board rejected Paramount Skydance's $108.4 billion hostile bid on Wednesday, saying it failed to provide adequate financing assurances.   In a letter to shareholders, disclosed in a regulatory filing, the board wrote that Paramount had "consistently misled" Warner Bros shareholders that its $30-per-share cash offer was fully guaranteed, or "backstopped," by the Ellison family, led by billionaire and Oracle CEO Larry Ellison. "It does not, and never has," the board wrote of the guarantee of Paramount's offer, noting that the offer posed "numerous, significant risks." The board said it found Paramount's offer "inferior" to the merger agreement with Netflix's. Netflix's $27.75 per share offer for Warner Bros' film and television studios, its library and the HBO Max streaming service is a binding agreement that requires no equity financing and has robust debt commitments, the board wrote. Warner Bros has not yet set a date for a shareholder vote on the deal but it is expected to happen sometime in spring or early summer, its Chairman Samuel Di Piazza said in an interview with CNBC. NETFLIX WELCOMES MOVE Paramount did not immediately respond to a Reuters request for comment, while Netflix welcomed the move. "The Warner Bros Discovery Board reinforced that Netflix's merger agreement is superior and that our acquisition is in the best interest of stockholders," its co-CEO Ted Sarandos, said in a statement. Netflix was already engaging with the U.S. Department of Justice and the European Commission, its other co-CEO Greg Peters told CNBC, while expressing confidence that the regulators would view the deal as pro-consumer and pro-growth. Warner Bros shares were down 1.4% at $28.5 in premarket trading, while Netflix gained 1.5% and Paramount fell 1.8%. Paramount last week took its case directly to Warner Bros shareholders, arguing it has arranged "air-tight financing" to support its bid, with $41 billion in new equity assured by the Ellison family and RedBird Capital, and $54 billion of debt commitments from Bank of America, Citi and Apollo. Warner Bros board countered on Wednesday that Paramount's most recent offer includes an equity commitment "for which there is no Ellison family commitment of any kind," but rather the backing of "an unknown and opaque" Lawrence J. Ellison Revocable Trust, whose assets and liabilities are not publicly disclosed and are subject to change. "Despite having been told repeatedly by WBD how important a full and unconditional financing commitment from the Ellison family was…the Ellison family has chosen not to backstop the PSKY offer," the Warner Bros board wrote. "A revocable trust is no replacement for a secured commitment by a controlling shareholder." WARNER BROS QUESTIONS PARAMOUNT'S CREDITWORTHINESS Paramount has submitted a total of six bids to acquire the entire Warner Bros studio, including its television networks, including CNN and TNT Sports.  It has previously said the Ellison family trust – which Paramount says contains more than $250 billion in assets including about 1.16 billion shares of Oracle – is more than adequate to cover the equity commitment. "To suggest that we are not 'good for the money' (or might commit fraud to try to escape our obligations), as certain reports have speculated, is absurd," Paramount wrote in a letter to Warner Bros' shareholders last week. Its debt commitments are not conditioned on Paramount's financial condition, it wrote. Warner Bros, however, pointed in the filing on Wednesday to what it described as structural risks in Paramount's proposed financing, and also raised questions about Paramount's financial condition and creditworthiness. The offer relied on a seven-party, cross-conditional structure, with the Ellison Revocable Trust providing just 32% of the required equity commitment while capping its liability at $2.8 billion, Warner Bros said. It noted that the trust's assets could be withdrawn at any time.  DEBT LEVELS AFTER DEAL WITH PARAMOUNT WILL BE RISKY Netflix's offer is backed by a public company with a market cap in excess of $400 billion with an investment grade balance sheet, the Warner board noted.  The company has told Warner Bros it would keep releasing the studio's films in cinemas in a bid to ease fears that its deal would eliminate another studio and major source of theatrical films, according to people familiar with the matter.  Paramount, in contrast, has a $15 billion market capitalization and a credit rating "a notch above 'junk,' Warner Bros noted on Wednesday. Should the deal close, Paramount would have a debt ratio of 6.8 times its operating income "with virtually no current free cash flow." The bidder would also impose what Warner Bros said would be "onerous operating restrictions" on the company, during the potentially lengthy period between signing and closing, including limits on new content licensing deals. Paramount's plans to achieve $9 billion in "synergies" across the two studios was described as "ambitious" from an operational standpoint, the Warner Bros board noted, and would represent a new round of job losses that "would make Hollywood weaker, not stronger." Warner Bros Discovery's board dismissed Paramount's charges of unfairness – that had been set forth in a filing by Paramount last week – saying it held "dozens" of calls and meetings with the studio's principals and advisors, including four in-person meetings and meals with CEO David Zaslav and Paramount CEO David Ellison, or his father, Larry Ellison. "After each bid, we informed PSKY of the material deficiencies and offered potential solutions," the Warner Bros board wrote. "Despite this feedback, PSKY has never submitted a proposal that is superior to the Netflix merger agreement." Paramount said it has already applied for regulatory approval in the U.S., and has alerted European regulators, shortening the path to regulatory approval.  Warner Bros' board wrote it considered the regulatory risks in evaluating the Netflix and Paramount offers, and believes that either transaction would obtain the necessary U.S. and foreign regulatory approvals.   Netflix also offered a $5.8 billion break-up fee that was higher than Paramount's $5 billion break-up fee. The Warner Bros board also described the Paramount offer as "illusory," adding it could be terminated or amended at any time prior to the deal's completion, which is not the same as a binding merger agreement. "The PSKY offer provides an untenable degree of risk and potential downside for WBD shareholders," the board wrote. ​ (Dawn Chmielewski reported from Los Angeles, Milana Vinn reported from New York, additional reporting by Aditya Soni; Editing by Sayantani Ghosh, Raju Gopalakrishnan and Arun Koyyur)

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By Dawn Chmielewski and Milana Vinn LOS ANGELES, Dec 17 (Reuters) – Warner Bros Discovery's board rejected Paramount Skydance's $108.4 billion hostile bid on Wednesday, saying it failed to provide adequate financing assurances.   In a letter to shareholders, disclosed in a regulatory filing, the board wrote that Paramount had "consistently misled" Warner Bros shareholders that its $30-per-share cash offer was fully guaranteed, or "backstopped," by the Ellison family, led by billionaire and Oracle CEO Larry Ellison. "It does not, and never has," the board wrote of the guarantee of Paramount's offer, noting that the offer posed "numerous, significant risks." The board said it found Paramount's offer "inferior" to the merger agreement with Netflix's. Netflix's $27.75 per share offer for Warner Bros' film and television studios, its library and the HBO Max streaming service is a binding agreement that requires no equity financing and has robust debt commitments, the board wrote. Warner Bros has not yet set a date for a shareholder vote on the deal but it is expected to happen sometime in spring or early summer, its Chairman Samuel Di Piazza said in an interview with CNBC. NETFLIX WELCOMES MOVE Paramount did not immediately respond to a Reuters request for comment, while Netflix welcomed the move. "The Warner Bros Discovery Board reinforced that Netflix's merger agreement is superior and that our acquisition is in the best interest of stockholders," its co-CEO Ted Sarandos, said in a statement. Netflix was already engaging with the U.S. Department of Justice and the European Commission, its other co-CEO Greg Peters told CNBC, while expressing confidence that the regulators would view the deal as pro-consumer and pro-growth. Warner Bros shares were down 1.4% at $28.5 in premarket trading, while Netflix gained 1.5% and Paramount fell 1.8%. Paramount last week took its case directly to Warner Bros shareholders, arguing it has arranged "air-tight financing" to support its bid, with $41 billion in new equity assured by the Ellison family and RedBird Capital, and $54 billion of debt commitments from Bank of America, Citi and Apollo. Warner Bros board countered on Wednesday that Paramount's most recent offer includes an equity commitment "for which there is no Ellison family commitment of any kind," but rather the backing of "an unknown and opaque" Lawrence J. Ellison Revocable Trust, whose assets and liabilities are not publicly disclosed and are subject to change. "Despite having been told repeatedly by WBD how important a full and unconditional financing commitment from the Ellison family was…the Ellison family has chosen not to backstop the PSKY offer," the Warner Bros board wrote. "A revocable trust is no replacement for a secured commitment by a controlling shareholder." WARNER BROS QUESTIONS PARAMOUNT'S CREDITWORTHINESS Paramount has submitted a total of six bids to acquire the entire Warner Bros studio, including its television networks, including CNN and TNT Sports.  It has previously said the Ellison family trust – which Paramount says contains more than $250 billion in assets including about 1.16 billion shares of Oracle – is more than adequate to cover the equity commitment. "To suggest that we are not 'good for the money' (or might commit fraud to try to escape our obligations), as certain reports have speculated, is absurd," Paramount wrote in a letter to Warner Bros' shareholders last week. Its debt commitments are not conditioned on Paramount's financial condition, it wrote. Warner Bros, however, pointed in the filing on Wednesday to what it described as structural risks in Paramount's proposed financing, and also raised questions about Paramount's financial condition and creditworthiness. The offer relied on a seven-party, cross-conditional structure, with the Ellison Revocable Trust providing just 32% of the required equity commitment while capping its liability at $2.8 billion, Warner Bros said. It noted that the trust's assets could be withdrawn at any time.  DEBT LEVELS AFTER DEAL WITH PARAMOUNT WILL BE RISKY Netflix's offer is backed by a public company with a market cap in excess of $400 billion with an investment grade balance sheet, the Warner board noted.  The company has told Warner Bros it would keep releasing the studio's films in cinemas in a bid to ease fears that its deal would eliminate another studio and major source of theatrical films, according to people familiar with the matter.  Paramount, in contrast, has a $15 billion market capitalization and a credit rating "a notch above 'junk,' Warner Bros noted on Wednesday. Should the deal close, Paramount would have a debt ratio of 6.8 times its operating income "with virtually no current free cash flow." The bidder would also impose what Warner Bros said would be "onerous operating restrictions" on the company, during the potentially lengthy period between signing and closing, including limits on new content licensing deals. Paramount's plans to achieve $9 billion in "synergies" across the two studios was described as "ambitious" from an operational standpoint, the Warner Bros board noted, and would represent a new round of job losses that "would make Hollywood weaker, not stronger." Warner Bros Discovery's board dismissed Paramount's charges of unfairness – that had been set forth in a filing by Paramount last week – saying it held "dozens" of calls and meetings with the studio's principals and advisors, including four in-person meetings and meals with CEO David Zaslav and Paramount CEO David Ellison, or his father, Larry Ellison. "After each bid, we informed PSKY of the material deficiencies and offered potential solutions," the Warner Bros board wrote. "Despite this feedback, PSKY has never submitted a proposal that is superior to the Netflix merger agreement." Paramount said it has already applied for regulatory approval in the U.S., and has alerted European regulators, shortening the path to regulatory approval.  Warner Bros' board wrote it considered the regulatory risks in evaluating the Netflix and Paramount offers, and believes that either transaction would obtain the necessary U.S. and foreign regulatory approvals.   Netflix also offered a $5.8 billion break-up fee that was higher than Paramount's $5 billion break-up fee. The Warner Bros board also described the Paramount offer as "illusory," adding it could be terminated or amended at any time prior to the deal's completion, which is not the same as a binding merger agreement. "The PSKY offer provides an untenable degree of risk and potential downside for WBD shareholders," the board wrote. ​ (Dawn Chmielewski reported from Los Angeles, Milana Vinn reported from New York, additional reporting by Aditya Soni; Editing by Sayantani Ghosh, Raju Gopalakrishnan and Arun Koyyur)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Jaspreet Singh, Juby Babu and Kritika Lamba Dec 17 (Reuters) – Warner Bros Discovery board rejected Paramount Skydance's $108.4 billion hostile bid on Wednesday, favoring Netflix in the high-stakes bidding war for the storied media giant. Earlier this month, the streaming pioneer agreed to buy Warner Bros Discovery's iconic studio and streaming assets for $72 billion, a move that could reshape Hollywood by creating a vertically integrated media powerhouse. The deal is expected to invite tough regulatory scrutiny. U.S. President Donald Trump has said he would have a say whether the proposed merger between Netflix and Warner Bros should go forward. The bidding war has erupted when the media and entertainment industry is experiencing profound shifts, marked by intense competition and a transition to streaming amid a declining traditional linear television business. Here is a snapshot of how major media companies are performing: WARNER BROS DISCOVERY The media giant, which owns streaming service HBO Max, has a vast library of feature films, including franchises such as "Wonder Woman," "Harry Potter" and "Batman." Its studios include Warner Bros Motion Picture Group, DC Studios and Warner Bros Television Group. The company's total revenue for fiscal 2024 fell about 5% to $39.32 billion. The studios' revenue declined 5% to $11.61 billion. Warner Bros Pictures Animation began its journey with the iconic "Looney Tunes" in 1930 and has produced classics such as "The Iron Giant," "The Lego Movie" franchise and "Happy Feet." The company's direct-to-consumer unit, now named Streaming, includes the HBO Max and discovery+ streaming platforms and added 2.3 million net subscribers in the third quarter, reaching 128 million global subscribers, up 16% year over year. NETFLIX The streaming company's revenue rose about 16% to $39 billion last year. It had 301.6 million total subscribers in 2024. It primarily derives revenue from subscriptions and has also rolled out ad-supported plans. Major movies and series include "Stranger Things" and "KPop Demon Hunters". It added 589 new Netflix Originals in 2024, up nearly 4% from 2023. YOUTUBE Owned by Alphabet, YouTube said in March that it had over 125 million paying subscribers though those figures include users who are signed up for temporary free trials. Ads comprise the majority of YouTube's revenue, accounting for $36 billion of Alphabet's $350 billion in overall 2024 revenue. For the third quarter of 2025, the video streaming service posted advertising revenue of $10.26 billion. YouTube TV has seen rapid growth as a pay-TV platform and is the fourth-largest pay-TV provider in the U.S. with about 10 million subscribers. WALT DISNEY Walt Disney and brother Roy Disney founded "Disney Brothers Cartoon Studio" after signing a contract with distributor M.J. Winkler for "Alice Comedies" in October 1923. The studio was renamed Walt Disney Studios in 1926. Its portfolio also includes Pixar Animation Studios, Lucasfilm, Marvel Studios, Searchlight Pictures and 20th Century Studios. The company's total revenue rose 3% to $91.36 billion last year. Disney ended the fourth quarter of fiscal 2025 with 196 million Disney+ and Hulu subscriptions, an increase of 12.4 million from the year-ago period. Disney is home to popular film franchises such as "Avengers," "Guardians of the Galaxy," "Pirates of the Caribbean" and "Star Wars". It is also home to the ABC network. Cumulatively through September 28, 2024, the company had released about 1,100 full-length live-action films and 100 full-length animated films. Disney closed its $71 billion acquisition of Twenty-First Century Fox Inc's film and television assets in 2019, expanding its portfolio of some of the world's most popular characters, uniting Mickey Mouse, Luke Skywalker and Marvel superheroes with Fox's X-Men, "Avatar" and "The Simpsons" franchises.   PARAMOUNT GLOBAL Before its merger with Skydance Media, Paramount's total revenue fell 1% to $29.21 billion last year. Its TV Media segment revenue, which makes up the bulk of its sales, fell 7% to $18.78 billion, hurt by declines in linear advertising and fewer major sporting events on CBS. By contrast, the direct-to-consumer division, which includes Paramount+ and Pluto TV, surged 13% to $7.63 billion, driven by subscriber growth and price increases. Founded in 1912, the studio's library consists of more than 1,200 film titles including "Star Trek," "The Godfather" and "Mission: Impossible," with rights to an additional 2,800. Paramount is the parent of CBS and agreed to pay $16 million to settle a lawsuit filed by U.S. President Donald Trump against the network over a "60 Minutes" interview. In the third quarter of 2025, Paramount+ added 1.4 million subscribers, bringing its total to 79.1 million worldwide.  The company also narrowed its streaming losses, signaling progress toward its goal of achieving domestic profitability in 2025. Paramount Pictures, considered the jewel of Paramount Global, has attracted many suitors over the years.   COMCAST Total revenue for Comcast, which owns NBCUniversal, rose 1.8% to $123.73 billion for fiscal 2024. Peacock streaming service generated revenue of $4.9 billion last year and as of the third quarter of 2025, Peacock had 41 million total paid subscribers. Universal Pictures, founded in 1912, has created classics such as "Jurassic Park," "Fast and Furious," "Minions," "Jaws" and "E.T. the Extraterrestrial". Its film library consists of more than 6,500 titles, according to its annual report. Comcast is in the process of spinning off its NBCUniversal cable channels, including USA Network and CNBC, into a new company called Versant early next year. AMAZON Amazon.com, best known for its e-commerce business, has built a significant presence in streaming through Prime Video, a service included with its Prime membership that produces a wide range of original programming, from hit series like "The Boys" and "The Lord of the Rings: The Rings of Power" to big-budget films, and also rents and sells movies and TV shows to both members and non-members.  In 2022, Amazon deepened its entertainment push by acquiring MGM for $8.5 billion, adding thousands of films and TV episodes, including the "James Bond" franchise, to its library. (Reporting by Jaspreet Singh, Kritika Lamba in Bengaluru and Juby Babu in Mexico City; Editing by Alan Barona)

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Dec 17 (Reuters) – Warner Bros Discovery's board rejected Paramount Skydance's $108.4 billion hostile bid, citing lack of financing assurances. The decision to recommit to Netflix's buyout offer marked the latest twist in the race for assets that include Warner Bros' storied film and TV studio and its extensive film and television library. Here is a timeline from the founding of Time Inc and Warner Bros to the company's latest breakup and potential sale. Date Event 1922 Time Inc was founded by Henry Luce and Briton Hadden to house Time magazine, a weekly news publication that made world affairs accessible to the average reader. The first issue of Time magazine was published in March 1923. 1923 Warner Bros was founded by brothers Harry, Albert, Sam and Jack Warner as a film studio in Hollywood. It revolutionized cinema with the introduction of synchronized sound in films. 1969  Kinney National Company, a conglomerate that later transitioned into media, buys Warner Bros-Seven Arts and later spins off its non-media businesses. 1972 HBO is founded by Charles Dolan with backing from Time. It was the first U.S. subscription-based cable network, offering uncut, commercial-free movies and live sports, pioneering premium cable television. 1990 Time Inc merges with Warner Communications in a $14 billion deal, hailed as a "marriage of content and distribution," creating Time Warner, then the largest media company in the world. 1996  Time Warner merges with Turner Broadcasting, gaining Cartoon Network, CNN, TNT and a vast classic film library. 2000  Time Warner merges with AOL, forming AOL Time Warner, the largest merger in history at the time, aiming to merge traditional and digital media. 2002 AOL Time Warner merger begins to unravel as AOL's value collapses with the launch of an SEC investigation, prompted by allegations of accounting irregularities and inflated revenue reports at AOL. 2003 CEO Steve Case resigns from AOL Time Warner. 2004 Time Warner sells Warner Music to a private equity group led by Edgar Bronfman Jr. for $2.6 billion. 2009 Time Warner fully spins off Time Warner Cable, which had already been partially separated in 2007, ending its role in cable distribution.  2009  Time Warner spins off AOL.  2013 Time Warner spins off Time, its magazine division, which includes Time, People, Fortune and Sports Illustrated, marking its formal exit from publishing. 2016 AT&T announces acquisition of Time Warner for $85 billion. 2018 AT&T completes its acquisition of Time Warner after regulator's approval, renaming it WarnerMedia. 2021 AT&T announces it would spin off WarnerMedia and merge it with Discovery Inc to create a new standalone media company. 2022 WarnerMedia and Discovery complete their merger in a $43 billion deal. June 2025 Warner Bros Discovery announces it would separate into two companies — one focusing on streaming and studios businesses, while the second will house its cable TV assets. October Warner Bros Discovery's board rejects a 2025 Paramount Skydance offer of nearly $60 billion, or $24 per share, a source familiar with the matter exclusively tells Reuters. The company says it is weighing a potential sale amid interest from several suitors. November Axios reports that Warner Bros Discovery's 2025 board wants Paramount Skydance to sweeten its bid to $30 per share, valuing the company at $74.34 billion. November Warner Bros Discovery receives preliminary 2025 buyout bids from Paramount Skydance, Comcast and Netflix — who were asked to improve their offers.  December Warner Bros Discovery receives a second 2025 round of bids, including a mostly cash offer from Netflix. December Paramount Skydance accuses Warner Bros 2025 Discovery of running an unfair sale process that favors Netflix over other bidders, CNBC reports, citing a letter sent by the newly merged media company. December Netflix is in exclusive talks to 2025 buy Warner Bros Discovery's film and television studios along with its streaming assets after offering $28 per share. December Netflix agrees to buy Warner Bros 2025 Discovery's film and TV studios and streaming division for $72 billion, or $27.75 per share. December Paramount Skydance makes a hostile bid for 2025 Warner Bros Discovery in a deal valued at $108.4 billion or $30 per share. December Warner Bros Discovery's board rejected 2025 Paramount Skydance's hostile $108.4 billion bid, saying it failed to provide adequate financing assurances. (Reporting by Kritika Lamba, Meghana Khare, Anhata Rooprai, and Arnav Mishra in Bengaluru; Editing by Leroy Leo and Arun Koyyur)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

Dec 17 (Reuters) – Warner Bros Discovery's board rejected Paramount Skydance's $108.4 billion hostile bid, citing lack of financing assurances. The decision to recommit to Netflix's buyout offer marked the latest twist in the race for assets that include Warner Bros' storied film and TV studio and its extensive film and television library. Here is a timeline from the founding of Time Inc and Warner Bros to the company's latest breakup and potential sale. Date Event 1922 Time Inc was founded by Henry Luce and Briton Hadden to house Time magazine, a weekly news publication that made world affairs accessible to the average reader. The first issue of Time magazine was published in March 1923. 1923 Warner Bros was founded by brothers Harry, Albert, Sam and Jack Warner as a film studio in Hollywood. It revolutionized cinema with the introduction of synchronized sound in films. 1969  Kinney National Company, a conglomerate that later transitioned into media, buys Warner Bros-Seven Arts and later spins off its non-media businesses. 1972 HBO is founded by Charles Dolan with backing from Time. It was the first U.S. subscription-based cable network, offering uncut, commercial-free movies and live sports, pioneering premium cable television. 1990 Time Inc merges with Warner Communications in a $14 billion deal, hailed as a "marriage of content and distribution," creating Time Warner, then the largest media company in the world. 1996  Time Warner merges with Turner Broadcasting, gaining Cartoon Network, CNN, TNT and a vast classic film library. 2000  Time Warner merges with AOL, forming AOL Time Warner, the largest merger in history at the time, aiming to merge traditional and digital media. 2002 AOL Time Warner merger begins to unravel as AOL's value collapses with the launch of an SEC investigation, prompted by allegations of accounting irregularities and inflated revenue reports at AOL. 2003 CEO Steve Case resigns from AOL Time Warner. 2004 Time Warner sells Warner Music to a private equity group led by Edgar Bronfman Jr. for $2.6 billion. 2009 Time Warner fully spins off Time Warner Cable, which had already been partially separated in 2007, ending its role in cable distribution.  2009  Time Warner spins off AOL.  2013 Time Warner spins off Time, its magazine division, which includes Time, People, Fortune and Sports Illustrated, marking its formal exit from publishing. 2016 AT&T announces acquisition of Time Warner for $85 billion. 2018 AT&T completes its acquisition of Time Warner after regulator's approval, renaming it WarnerMedia. 2021 AT&T announces it would spin off WarnerMedia and merge it with Discovery Inc to create a new standalone media company. 2022 WarnerMedia and Discovery complete their merger in a $43 billion deal. June 2025 Warner Bros Discovery announces it would separate into two companies — one focusing on streaming and studios businesses, while the second will house its cable TV assets. October Warner Bros Discovery's board rejects a 2025 Paramount Skydance offer of nearly $60 billion, or $24 per share, a source familiar with the matter exclusively tells Reuters. The company says it is weighing a potential sale amid interest from several suitors. November Axios reports that Warner Bros Discovery's 2025 board wants Paramount Skydance to sweeten its bid to $30 per share, valuing the company at $74.34 billion. November Warner Bros Discovery receives preliminary 2025 buyout bids from Paramount Skydance, Comcast and Netflix — who were asked to improve their offers.  December Warner Bros Discovery receives a second 2025 round of bids, including a mostly cash offer from Netflix. December Paramount Skydance accuses Warner Bros 2025 Discovery of running an unfair sale process that favors Netflix over other bidders, CNBC reports, citing a letter sent by the newly merged media company. December Netflix is in exclusive talks to 2025 buy Warner Bros Discovery's film and television studios along with its streaming assets after offering $28 per share. December Netflix agrees to buy Warner Bros 2025 Discovery's film and TV studios and streaming division for $72 billion, or $27.75 per share. December Paramount Skydance makes a hostile bid for 2025 Warner Bros Discovery in a deal valued at $108.4 billion or $30 per share. December Warner Bros Discovery's board rejected 2025 Paramount Skydance's hostile $108.4 billion bid, saying it failed to provide adequate financing assurances. (Reporting by Kritika Lamba, Meghana Khare, Anhata Rooprai, and Arnav Mishra in Bengaluru; Editing by Leroy Leo and Arun Koyyur)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)