Warner Bros. Rejects Paramount Bid
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Why Paramount (PSKY) stock is falling today
What Happened? Shares of multinational media and entertainment corporation Paramount (NASDAQ:PSKY) fell 4.3% in the afternoon session after Warner Bros. Discovery's board of directors formally rejected the company's unsolicited takeover offer,
Paramount sent a letter from CEO David Ellison addressed to Warner Bros. Discovery shareholders that 'clearly sets out why Paramount’s $30.00 per share all-cash offer to acquire all of WBD is superior to WBD’s transaction with Netflix.
That morning, Paramount Skydance announced it had submitted a bid to acquire fellow entertainment company Warner Bros Discovery. The all-cash offer boils down to $30 per Warner Bros discovery share, and it targets the entirety of the company rather than a large chunk of it.
StockStory.org on MSN
Why Paramount (PSKY) shares are trading lower today
What Happened? Shares of multinational media and entertainment corporation Paramount (NASDAQ:PSKY) fell 2.4% in the afternoon session after several analysts issued “Sell” ratings amid concerns about the company's valuation following its hostile bid for Warner Bros.