Jan. 8 (UPI) — Officials for the Paramount Skydance Corp. said Thursday their offer of $30 per share to buy Warner Bros. Discovery is “superior” to a competing offer from Netflix.<\/p>\n\n\n\n
The Paramount officials made the claim in response to a formal rejection of its offer by WBD officials earlier this week.<\/p>\n\n\n\n
“Paramount’s offer is superior to WBD’s existing agreement with Netflix and represents the best path forward for WBD shareholders,” Paramount said in a\u2002news release<\/a>.<\/p>\n\n\n\n “Netflix’s transaction, on the other hand, contains multiple uncertain components and has already decreased in total value,” Paramount said.<\/p>\n\n\n\n “When announced in December, the Netflix transaction offered WBD shareholders $23.25 in cash, $4.50 in Netflix stock and a share in the pending spin-off of Discovery Global,” Paramount added.<\/p>\n\n\n\n “Today, Netflix’s stock price is trading well beneath the low end of its collar, reducing the value offered to WBD shareholders.”<\/p>\n\n\n\n Paramount’s offer includes a guarantee from Larry Ellison, who is the majority shareholder of Paramount’s parent corporation, National Amusements Inc.<\/p>\n\n\n\n