Paramount Skydance’s move to beef up its £81billion offer for Warner Bros Discovery is ‘necessary but not sufficient’, a prominent shareholder said yesterday.
Harris Oakmark, which owns about 4 per cent of Warner, was responding after billionaire Larry Ellison personally guaranteed £30billion of Paramount’s offer.
Paramount is trying to gatecrash a £62billion agreement by streaming giant Netflix to buy the bulk of Warner Bros.
Harris Oakmark portfolio manager Alex Fitch said: ‘The changes in Paramount’s offer were necessary but not sufficient.
‘We see the two deals as a toss-up, and there is a cost to changing paths. If Paramount is serious, they need to provide a greater incentive.’
Bidding war: Harris Oakmark, which owns about 4% of Warner, said Paramount Skydance’s move to beef up its £81bn offer for Warner Bros Discovery is ‘necessary but not sufficient’
DIY INVESTING PLATFORMS
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.