WBD Rejects Paramount Bid, Sticks With Netflix Sale Plan (Full Transcript)

[00:00:00] Speaker 1: Warner Bros. Discovery is once again rejecting Paramount's hostile takeover bid for the media company. WBD, which owns CNN, held an auction process late last year and struck a deal with Netflix to sell Warner Bros. and HBO to the streaming service. CNN and other cable channels are set to be spun out into a new company called Discovery Global. But Paramount is trying to buy all of WBD in one fell swoop and is arguing that WBD is making a mistake by continuing with the Netflix deal. Now, WBD, in a letter to shareholders, says that Paramount's offers have been inadequate and are overly risky, given that Paramount's a much smaller company taking on tremendous amounts of debt in order to swallow up WBD. So this tug-of-war continues now into the new year and now it's over to Paramount to see if the company will raise its bid, go to court, or decide to walk away.