Paramount Letter to Warner Bros. Shareholders Asks for Support

Paramount Skydance Corp. released a letter to Warner Bros. Discovery Inc. investors Wednesday asking them to support its tender offer for the entertainment company’s shares and not the rival Netflix Inc. merger.

Paramount Chief Executive Officer David Ellison said Warner Bros. investors were in for a “long and bumpy ride” due to the “severe regulatory uncertainty” surrounding the Netflix bid. Paramount has lined up all the necessary financing for its $30-a-share, all-cash bid, he said.

“Paramount’s offer not only delivers superior value and certainty, but also a much shorter and more certain path to completion,” Ellison wrote.

The Warner Bros. ...