WBD shareholders approve Paramount acquisition, rebuke David Zaslav payday
Shareholders symbolically rejected Zaslav's potential $550 million payday.
Shareholders symbolically rejected Zaslav's potential $550 million payday.
The company is informing employees to prepare for the deal to close as soon as the end of July.
CBS Sports president David Berson "is seen as the odds-on favorite to run the combined division."
Even with the most favorable comparison, Unrivaled viewership dropped at least 16% year-over-year.
The company believes it can capitalize on the scale and "operational efficiencies" of combining cable assets.
The new streamer will hold CBS Sports and TNT Sports properties on one platform.
"We knew right away, when we got the notice on Thursday, that they had a superior offer and the details of that deal."
Netflix now has four business days to submit a better offer.
The WBD board must now decide if Paramount's new offer is superior to Netflix's.
Netflix will have four days to match a sweetened offer.
Sarandos said it's time for Paramount to "put their money where their mouth is."
Paramount will have to put up or shut up within the next seven days.
WBD is reportedly weighing whether to reopen negotiations with Paramount after the company sweetened its hostile takeover bid.
Prior reports indicated WBD took measures to prevent such chants from happening for worry of its pending sale to Netflix. The company refuted those reports to Awful Announcing.
“Warner Bros. Discovery did not have any involvement in Brody King’s upcoming AEW schedule."
The fee would see Paramount pay WBD shareholders approximately $650 million for every quarter its deal hasn't closed.
AEW's deal with HBO Max is set to expire at the end of 2027 or 2028.
The move "simplifies the transaction structure, provides greater certainty of value for WBD stockholders, and accelerates the path to a WBD stockholder vote," Netflix claims.
The move would seemingly be a response to Paramount's pressure campaign.
The company is also staging a proxy fight for board seats.
The future of TNT Sports hinges on what happens in the battle for Warner Bros. Discovery.
Several WBD shareholder expect Paramount to come back with an even higher offer.
A judge ruled against Warner Bros. Discovery's effort to halt the practice just one month after a similar ruling against Disney.