Shareholders of Warner Bros. Discovery are faced with a significant decision as the companys board has agreed to sell its film studio and streaming service to Netflix for approximately $27.75 per share. However, Paramount has entered the picture with a $30 all-cash offer for the entire company, giving shareholders until January 8th to tender their shares. The deadline may extend to the companys annual meeting in early June. Both Netflix and Paramount are actively courting investors, with Paramount arguing its deal is more beneficial when considering the planned spin-off of Discovery Global. Shareholders are divided, with some seeing Paramounts full takeover as a way to secure more cash or spark a bidding war, while others worry about potential regulatory issues. A mystery bidder offered $25 billion for Discovery Global and part of the streaming stake, but the board rejected it. Analysts suggest this could indicate the spin-off is worth more than $1 per share, making the Netflix path more attractive if regulators block Paramount. Paramount has since secured over $40 billion in financing from Oracle founder Larry Ellisons family trust. As negotiations intensify, shareholders hold the power to secure the best deal or ignite a competitive bidding process.

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