Warner Bros Discovery's board correctly rejected Paramount's inadequate $108 billion offer, which lacks adequate financial backing and imposes significant risks on shareholders. The Netflix merger delivers better value through enforceable commitments from a $400 billion company, while Paramount relies on an opaque, revocable trust and junk-rated debt that threatens deal certainty.
Kushner's Affinity Partners pulled out of Paramount's bid after the investment dynamics shifted dramatically with Netflix entering as a strong competitor. The hostile takeover attempt faces serious financing questions and regulatory hurdles that make the Netflix deal far more certain for shareholders, despite Paramount's higher cash offer creating initial appeal.
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