Paramount Skydance (PSKY.US) Drops Over 6% After Failed $30/Share Bid for Warner Bros.

Stock News12-05 23:32

On Friday, shares of Paramount Skydance (PSKY.US) declined, falling over 6% to $13.905 at the time of reporting. The drop followed media reports that the company's $30-per-share acquisition offer for Warner Bros. Discovery (WBD.US) was unsuccessful, as Warner Bros. instead accepted Netflix's (NFLX.US) earlier cash-and-stock bid of $27.75 per share.

Paramount Skydance had previously accused Warner Bros. Discovery of unfair practices in the sale process, alleging bias toward Netflix over other bidders. According to a copy of a letter, Paramount Skydance's legal team raised concerns about the "fairness and adequacy" of the bidding process in a communication to Warner Bros. Discovery CEO David Zaslav. The letter cited reports suggesting management's preference for Netflix's proposal.

Additionally, Paramount Skydance, led by David Ellison, requested confirmation from Warner Bros. Discovery on whether an independent special committee—composed of unbiased board members—had been formed to evaluate offers and oversee the sale process.

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