Factbox-By the numbers: How the Netflix, Paramount bids for Warner Bros stack up

Jan 7 (Reuters) – Warner Bros Discovery’s board has unanimously turned down Paramount Skydance’s latest attempt to acquire the studio, saying its revised $108.4 billion hostile bid amounted to a risky leveraged buyout that investors should reject.

In December, Oracle co-founder Larry Ellison offered to personally guarantee $40 billion to aid Paramount’s efforts to win Warner Bros’ assets.

Warner Bros chose Netflix as its suitor last year, securing an $82.7 billion enterprise deal for its TV, film studios and streaming assets, while Paramount’s bid includes all of Warner Bros’ assets.

Here is how both the bids compare:

Netflix Paramount Skydance

Savings $2 billion to $3 Combined business will

billion in annual execute more than $6

savings billion in cost

synergies

Offer $23.25 in cash and All cash tender-offer,

about $4.50 in per $30.00 per share in cash

share stock

Premium 121.3% to Warner Bros 139% to the undisturbed

Discovery’s closing Warner Bros’ stock price

price on Sept. 10 of $12.54 as of

September 10

Closing Between 12 months and More than 12 months

18 months

CEOs Co-CEOs Ted Sarandos David Ellison

and Greg Peters

Backers and Debt funding of up to Larry Ellison, RedBird

financing $59 billion via Wells to provide equity

Fargo, BNP Paribas, capital, debt funding of

HSBC Bank, along with $54 billion from Bank of

cash on hand and America, Citi and

equity Apollo. Other financing

partners include Saudi

Arabia’s Public

Investment Fund, Abu

Dhabi-based L’imad

Holding Company PJSC,

Qatar Investment

Authority and Affinity

Partners

Value Enterprise value of Enterprise value of

$82.7 billion, equity $108.4 billion, equity

value of $72.0 billion value of $74.35 billion

Breakup fee Netflix to pay $5.8 Paramount to pay $5.8

billion, Warner Bros billion

to pay $2.8 billion

Streaming Over 300 million 79.1 million

subscribers

U.S. Trump said regarding Trump in a post on Truth

President the acquisition: Social criticized CBS

Donald “Netflix is a great and its new owners after

Trump’s company. They’ve done Paramount was acquired

comments a phenomenal job. Ted by Skydance. He said

is a fantastic man… that since the

They have a very big acquisition, the program

market share and when 60 minutes has “actually

they have Warner gotten worse.” In the

Bros., you know, that past, however, Trump has

share goes up a lot praised Paramount

so, I don’t know.” Skydance CEO David

Ellison, calling him

“great”.

Market cap Valued at $414.2 Valued at $13.4 billion

billion as of closing as of closing price on

price on January 6 January 6

Assets on Warner Bros’ film and All of Warner Bros

the line television studios, Discovery including

videogame IP and film, television,

developers, HBO streaming, gaming and

network and its cable television

content library, and networks including HBO

the HBO Max streaming and CNN

service

Source: Company filings, LSEG data, media reports

(Reporting by Zaheer Kachwala, Anhata Rooprai and Arnav Mishra in Bengaluru; Editing by Arun Koyyur)