US Stock Market Move | Failed to acquire Warner Bros for $30 per share, Paramount Skydance (PSKY.US) dropped more than 6%.
As of the time of publication, the stock has fallen more than 6%, trading at $13.905.
On Friday, the stock price of Paramount Skydance (PSKY.US) fell, with the stock dropping over 6% to $13.905 at the time of writing. Media reports indicated that the company had proposed to acquire Warner Bros. Discovery (WBD.US) at a price of $30 per share. Warner Bros. had earlier accepted a cash and stock acquisition offer from Netflix (NFLX.US) at $27.75 per share.
Paramount Skydance had previously accused Warner Bros. Discovery of unfair practices in the sale process, favoring Netflix over other bidders.
According to a copy of a letter, Paramount Skydance's legal team expressed concerns to Warner Bros. Discovery CEO David Zaslav about the "fairness and adequacy" of the bidding process, citing reports that the management of Warner Bros. Discovery tended towards Netflix's proposal.
The letter revealed that Paramount Skydance, led by David Ellison, had requested Warner Bros. Discovery to confirm whether an independent special committee composed of unbiased board members had been established to evaluate the bid and oversee the sale process.
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