Matt Levine’s Money Stuff: Paramount Wants to See Warner’s Work

Warner

I do wonder what would happen if Paramount Skydance Corp. just did a “real,” executable tender offer for Warner Bros. Discovery Inc. Like: Last month, Paramount offered to pay $30 per share in cash for Warner, with the tender offer set to expire on Jan. 8. Paramount argued that this offered better value for Warner’s shareholders than Warner’s existing merger deal with Netflix Inc., in which Warner shareholders would get a mix of $23.25 in cash, $4.50 (or less) of Netflix stock and a share — of uncertain value — in a spun-out company that would hold Warner’s cable television assets. ...