PARAMOUNT SKYDANCE LAUNCHES HOSTILE BID FOR WBD ‘TO FINISH WHAT WE STARTED,' CEO ELLISON TELLS CNBC

Summary from the TLDR newsletter

Paramount Skydance is launching a hostile bid to buy Warner Bros. Discovery. It will go straight to shareholders with an all-cash, $30 per share offer. The offer is supported by equity financing from the Ellison family, Middle Eastern financing partners, Jared Kushner's Affinity Partners, and other parties. Those partners have agreed to forgo any governance rights as part of their investment. The modifications allow the deal to be outside of the jurisdiction of the Committee of Foreign Investment in the US.