Paramount Skydance Addresses Letter To Warner Bros Shareholders Regarding Its $30/Share Offer

(RTTNews) - Paramount Skydance Corp. (PSKY), Monday announced that it has sent a letter to shareholders of Warner Bros. Discovery, Inc. (WBD) regarding its plans to deliver a fully financed, all-cash offer of $30 per share.

This comes as the company learnt about Warner Bros's transaction with Netflix, which it described as "inferior both financially and from the standpoint of timing and certainty of closing."

The New York-based company noted that Warner Bros has failed to include any disclosure about how it valued the Global Networks stub equity, how it valued the overall Netflix transaction, how the purchase price reduction for debt works in the Netflix transaction, or even what the basis is for its "risk adjustment" of its $30 per share all-cash offer.

In light of these missing details, the company has filed a lawsuit in Delaware Chancery Court to simply direct Warner Bros to provide this information to its shareholders.

"The best outcome for you and for us would be if WBD's Board would exercise the right it has under the Netflix Agreement to engage with Paramount," the letter concluded.

Currently, PSKY is trading at $12.12, up 0.50 percent on the Nasdaq.