Warner Bros Discovery Stands Firm: Rejects Paramount's $108.4 Billion Bid Amid Ellison's Guarantee

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Warner Bros Discovery's board has unanimously rejected Paramount Skydance's revised bid, worth $108.4 billion, in a move that has left the media giant's future uncertain. The decision comes despite a $40.4 billion financing guarantee from Oracle co-founder Larry Ellison, who had backed the bid. The latest development marks the latest chapter in the high-stakes battle for control of Warner Bros Discovery, which houses a vast library of movies and TV shows, as well as the iconic Warner Bros film and TV studio. To understand the significance of this move, let's take a step back and look at the history of Warner Bros Discovery. Here's a brief timeline: * 1922: Time Inc was founded by Henry Luce and Briton Hadden to publish Time magazine, a weekly news publication that made world affairs accessible to the average reader. * 1923: Warner Bros was founded by brothers Harry, Albert, Sam, and Jack Warner as a film studio in Hollywood, revolutionizing cinema with the introduction of synchronized sound in films. * 1969: Kinney National Company, a conglomerate that later transitioned into media, buys Warner Bros-Seven Arts and later spins off its non-media businesses. * 1972: HBO is founded by Charles Dolan with backing from Time, becoming the first U.S. subscription-based cable network, offering uncut, commercial-free movies and live sports. * 1990: Time Inc merges with Warner Communications in a $14 billion deal, creating Time Warner, then the largest media company in the world. * 2000: Time Warner merges with AOL, forming AOL Time Warner, the largest merger in history at the time, aiming to merge traditional and digital media. * 2016: AT&T announces the acquisition of Time Warner for $85 billion. * 2021: AT&T announces it would spin off WarnerMedia and merge it with Discovery Inc to create a new standalone media company. * 2022: WarnerMedia and Discovery complete their merger in a $43 billion deal. In recent months, Warner Bros Discovery has received several offers, including a $60 billion bid from Paramount Skydance, which was later revised to $108.4 billion. However, the company's board has rejected both offers, citing concerns over financing assurances. The latest rejection of Paramount's bid has left the media giant's future uncertain, with several suitors still in the running. As the battle for control of Warner Bros Discovery continues, one thing is clear: the fate of the iconic media company will have far-reaching implications for the entertainment industry as a whole.