Warner Bros. Urges Shareholders to Reject Paramount Takeover Bid, Saying Ellisons ‘Misled’ Them
The claim was made as part of Warner Bros. Discovery’s dismissal of Paramount’s hostile takeover offer.
Warner Bros. Discovery went on the attack against Larry and David Ellison on Wednesday, urging shareholders to reject their hostile takeover offer and saying the Ellisons have “consistently misled” them.
Paramount, which is controlled by the Ellisons, has said that its proposed transaction has a “full backstop” from the billionaire family. But Warner Bros. Discovery said in a letter to shareholders on Wednesday: “It does not, and never has.”
Related Knowledge Center: State of the business model
The traditional journalism business model has long since collapsed, and news organizations have shrunk or disappeared entirely. While a number of promising experiments are under way, the public has not shown a willingness to buy what news organizations are selling.