Paramount Says Warner Bros. Cable Channels Are Worth Nothing (2)

Paramount Skydance Corp. reaffirmed its offer to buy Warner Bros. Discovery Inc., insisting its $30-a-share bid is superior to one from Netflix Inc. in part because the rival deal would hand investors stock in a cable-TV spinoff that Paramount deems worthless.

Paramount’s offer “represents the best path forward” for Warner Bros. shareholders, Paramount said in a statement on Thursday. The company has “cured every issue raised” by Warner Bros., most notably by providing an irrevocable personal guarantee by billionaire Larry Ellison,it said, for $40.4 billion in equity financing.

Much of the debate in the monthslong battle has focused ...