#1 out of 7
business1d ago
Warner Bros. Discovery Says Mysterious Singapore Firm Made Last Minute Bid, But Something Was Off
- A Singapore firm, Nobelis Capital, offered $32.50 per share for Warner Bros. Discovery as Paramount pursued a deal away from Netflix.
- WBD said Nobelis could not verify ownership of assets or the deposit, and the investment banker had no knowledge of Nobelis.
- Nobelis threatened legal action but the communication did not progress further as of the proxy filing date.
- The proxy notes a possible $335 million tax reimbursement could boost Zaslav’s payout to about $887 million if the deal closes and taxes are eligible.
- Zaslav’s total payout could rise further if a so-called ‘ ticking fee ’ from Paramount is activated.
- Paramount’s bid was deemed superior and Netflix was informed it would bow out following the development.
- The proxy underscores the speed of the Netflix deal’s collapse and Paramount’s win in the ongoing merger battle.
- WBD conducted due diligence with help from professional contacts in Singapore and an identified investment banker.
- The article highlights David Zaslav’s discussions with David Ellison about additional value before Netflix’s exit.
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